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February 27, 2024 

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MARKET-ORIENTED ECONOMY: A mixed economy that relies heavily on markets to answer the three basic questions of allocation, but with a modest amount of government involvement. While it is commonly termed capitalism, market-oriented economy is much more descriptive of how the economy is structure.

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Lesson 10: Utility and Demand | Unit 5: Beyond Demand Page: 18 of 21

Topic: Many Choices <=PAGE BACK | PAGE NEXT=>

  • 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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PRICE FLOOR

A legally established minimum price that is imposed on a market ABOVE the price that otherwise would be achieved in equilibrium. A price floor is placed on a market with the goal of keeping the price high, presumably based on the notion that the equilibrium price is too low. If imposed on a competitive market free of market failures, a price floor creates a surplus, or excess supply.

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APLS

PINK FADFLY
[What's This?]

Today, you are likely to spend a great deal of time flipping through mail order catalogs hoping to buy either a handcrafted bird house or a weathervane with a chicken on top. Be on the lookout for empty parking spaces that appear to be near the entrance to a store.
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This isn't me! What am I?

Two and a half gallons of oil are needed to produce one automobile tire.
"Believe and act as if it were impossible to fail."

-- Charles F. Kettering

AFA
Advertising Federation of America
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