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X-AXIS: In a graph, this is one of two lines that intersect at a right angle at their origins. This is the "horizontal-axis" that runs from right and left. In most analyses, the variable measured on the X-axis is consider to be the independent variable.
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Lesson 10: Utility and Demand | Unit 5: Beyond Demand
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Page: 20 of 21
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- 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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AMERICAN ECONOMIC ASSOCIATION A formal organization of professional economists that promotes economic research, organizes annual meetings and conferences, and maintains a list of publications in several economics subjects. The American Economic Association (AEA) was originally organized by a small group interested in economics at a meeting in 1888 in Saratoga, New York. However, as interest in the subject grew, it officially incorporated in 1923. Although the AEA contained only a small number of members in the beginning, today the membership is approximately 18,000. In addition, about 4,600 libraries, institutions, and firms subscribe to the quarterly publications of the AEA.
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BROWN PRAGMATOX
[What's This?]
Today, you are likely to spend a great deal of time lost in your local discount super center trying to buy either clothing for your kitty cats or a set of luggage without wheels. Be on the lookout for infected paper cuts.
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This isn't me! What am I?
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The portion of aggregate output U.S. citizens pay in taxes (30%) is less than the other six leading industrialized nations -- Britain, Canada, France, Germany, Italy, or Japan.
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"Experience keeps a dear school, but fools will learn in no other. " -- Benjamin Franklin
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SEC
Securities and Exchange Commision
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