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HOMOGENEOUS OF DEGREE ONE: A property of an equation the exists if independent variables are increased by a constant value, then the dependent variable is increased by the same value. In other words, if the independent variables are doubled, then the dependent variable is also doubled. This property often surfaces in the analysis of production functions. A production function homogeneous of degree one is said to have constant returns to scale.

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Lesson 10: Utility and Demand | Unit 5: Beyond Demand Page: 20 of 21

Topic: Market Supply <=PAGE BACK | PAGE NEXT=>

  • For me to buy a good, someone must be selling.

  • Here's a quick comparison of the demand and supply decisions.

    • Consumers generate utility by consuming goods. Producers generate profit by producing goods.
    • Consumers seek to maximize utility. Producers seek to maximize profit.
    • Consumers make decisions based on marginal utility. Producers make decisions based on marginal product.
    • Consumption decisions are guided by the law of diminishing marginal utility. Production decisions are guided by the law of diminishing marginal returns.
    • Consumers buy more at lower prices because marginal utility is less. Producers sell more at higher prices because marginal product is less.
    • Consumers make decisions that marginal benefits with marginal costs. Producers make decisions that balance marginal benefits with marginal costs.

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RESOURCE MARKETS

Markets that exchange the services of the four factors of production--labor, capital, land, and entrepreneurship. The buyer of factor services is business sector. The seller of these services is the household sector. The study of macroeconomics is concerned with imbalances in the resource markets, especially surpluses and the resulting unemployment of resources. The resource markets, also termed factor markets, are one of three primary sets of macroeconomic markets. The other two are product markets and financial markets.

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Today, you are likely to spend a great deal of time going from convenience store to convenience store wanting to buy either a birthday greeting card for your father or a T-shirt commemorating the first day of spring. Be on the lookout for pencil sharpeners with an attitude.
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Mark Twain said "I wonder how much it would take to buy soap buble if there was only one in the world."
"All things are difficult before they are easy."

-- Thomas Fuller, Physician

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