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WILLINGNESS TO ACCEPT: The price or dollar amount that someone is willing to receive or accept to give up a good or service. Willingness to accept is the source of the supply price of a good. However, unlike supply price, in which sellers are on the spot of actually giving up a good to receive payment, willingness to accept does not require an actual exchange. This concept is important to benefit-cost analysis, welfare economics, and efficiency criteria, especially Kaldor-Hicks efficiency. A related concept is willingness to pay.
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Lesson 10: Utility and Demand | Unit 5: Beyond Demand
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Page: 18 of 21
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- As consumers we are concerned with all sorts of decisions.
- Consumer demand theory, utility, and the law of diminishing marginal utility play a key part in these decisions.
- Consumer demand theory also helps explain why you might...
- Watch Gilligan's Island rather than Star Trek.
- Watch Gilligan's Island rather than reading a book.
- Hang out with friends watching Gilligan's Island the night before an exam rather than studying.
- Vote in major Presidential elections but not in local referendums.
- Steal hundreds of dollars of office supplies from your work over a period of years.
- Stop on a highway to help a complete stranger fix a flat tire.
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LAW OF COMPARATIVE ADVANTAGE A principle that states that every nation, worker, or production entity has a production activity that incurs a lower opportunity cost than that of another nation, worker, or production entity, which means that trade between the two can be beneficial to both if each specializes in the production of a good with lower relative opportunity cost. This law is most often studied in the confines of international trade, but it also applies to labor and other types of production.
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RED AGGRESSERINE
[What's This?]
Today, you are likely to spend a great deal of time searching the newspaper want ads trying to buy either a remote controlled sports car with an air spoiler or semi-gloss photo paper that works with your neighbor's printer. Be on the lookout for slow moving vehicles with darkened windows.
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This isn't me! What am I?
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The average length of a "business lunch" is about 36 minutes.
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"If I have ever made any valuable discoveries, it has been owing more to patient attention than to any other talent. " -- Isaac Newton, mathematician, physicist
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IS-LM
Investment/Saving-Liquidity/Money
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