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SATISFACTION: The process of successfully fulfilling wants and needs. A basic fact of life is that people want and need stuff to stay alive and to make that life more enjoyable. Satisfaction is the economic term that captures this wants-and-needs-fulfilling process. Satisfying wants and needs is actually the ultimate goal of economic activity, the end result of addressing the fundamental problem of scarcity, and, when you get right down to it, life itself.

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Lesson 11: Elasticity Basics | Unit 2: A Little More Page: 9 of 25

Topic: Why Study: Price Controls <=PAGE BACK | PAGE NEXT=>

  • Price controls take one of two forms -- price ceiling and price floor:

  • A price ceiling is a legally mandated maximum price imposed on a market. Buyers and sellers are prevented from exchanging the good at any price above the legal maximum.
  • A price floor is a legally mandated minimum price imposed on a market. Buyers and sellers are prevented from exchanging the good at any price below the legal minimum.
  • Both types of price controls tend to be more effective for inelastic demand and supply

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BALANCE OF TRADE

The difference between the value of goods and services exported out of a country and the value of goods and services imported into the country. The balance of trade is the official term for net exports that makes up the balance of payments. The balance of trade can be a "favorable" surplus (exports exceed imports) or an "unfavorable" deficit (imports exceed exports). The official balance of trade is separated into the balance of merchandise trade for tangible goods and the balance of services.

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BROWN PRAGMATOX
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Today, you are likely to spend a great deal of time visiting every yard sale in a 30-mile radius looking to buy either a T-shirt commemorating the 2000 Olympics or a genuine fake plastic Tiffany lamp. Be on the lookout for empty parking spaces that appear to be near the entrance to a store.
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The word "fiscal" is derived from a Latin word meaning "moneybag."
"Man is born to live, not to prepare for life. "

-- Boris Pasternak, writer

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