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LAW OF DEMAND: The inverse relationship between demand price and the quantity demanded, ceteris paribus. This fundamental economic principle indicates that as the price of a commodity decreases, then the quantity of the commodity that buyers are able and willing to purchase in a given period of time, if other factors are held constant, increases. This law is incredibly important to the study of economics. If you compiled a top ten list of economically important laws, the law of demand would be right there at the top.

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Lesson 22: Factor Supply | Unit 2: Resources Page: 10 of 25

Topic: Land: Space And Materials <=PAGE BACK | PAGE NEXT=>

  • Land provides two important productive services -- space and materials.

    • Space: First, land provides a place to locate things, especially productive resources like factories.

    • Materials: Second, land is the resource category that provides the raw materials transformed into physical products.

  • The factor supply of land services depends on which aspect of land is being supplied.


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PRICE CEILING

A legally established maximum price that is imposed on a market BELOW the price that otherwise would be achieved in equilibrium. A price ceiling is placed on a market with the goal of keeping the price low, presumably based on the notion that the equilibrium price is too high. If imposed on a competitive market free of market failures, a price ceiling creates a shortage, or excess demand.

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Today, you are likely to spend a great deal of time looking for the new strip mall out on the highway hoping to buy either a large, stuffed kitty cat or a cross-cut paper shredder. Be on the lookout for empty parking spaces that appear to be near the entrance to a store.
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Helping spur the U.S. industrial revolution, Thomas Edison patented nearly 1300 inventions, 300 of which came out of his Menlo Park "invention factory" during a four-year period.
"Man is born to live, not to prepare for life. "

-- Boris Pasternak, writer

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