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JUST PRICE: A somewhat archaic term developed by St. Thomas Aquinas that the price of a good should equal the worth generally agreed to by society. This is based on a notion of justice and fairness that goods should only be exchange for something of equal value or worth. For example, if ice cream readily sells for a dollar a scoop throughout the city, but one vendor charges two dollars, then this higher price would not be considered a just price. This view of a just price is relies on the view that each good has an intrinsic value which is inconsistent with modern views of markets, prices, and subjective values.

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Lesson 10: Utility and Demand | Unit 3: Complex Choices Page: 13 of 21

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In this unit, you should have learned about:
  • How a consumer maximizes utility by selecting between the consumption of two goods.
  • That buyers will choose between two goods based on the marginal utility of each.
  • Why buyers are faced with a constrained utility maximization decision based on prices and limited income.
  • Alternative choices faced by a consumer that may or may not maximize utility.
  • The rule of consumer equilibrium that states two goods are consumed until the marginal utilities generated by the last dollar are equal.

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FOUR-SECTOR, THREE-MARKET CIRCULAR FLOW

A circular flow model of the macroeconomy containing four sectors (business, household, government, and foreign) and three markets (product, factor, and financial) that illustrates the continuous movement of the payments for goods and services between producers and consumers, with particular emphasis on exports and imports. Other circular models are two-sector, two-market circular flow; two-sector, three-market circular flow; and three-sector, three-market circular flow.

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Today, you are likely to spend a great deal of time at the confiscated property police auction seeking to buy either a pair of designer sunglasses or looseleaf notebook paper. Be on the lookout for mail order catalogs with hidden messages.
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On a typical day, the United States Mint produces over $1 million worth of dimes.
"An idea is never given to you without you being given the power to make it reality."

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