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LIVING STANDARD: In principle, an economy's ability to produce the goods and services that consumers use to satisfy their wants and needs. In practice, it is the average real gross domestic product per person--usually given the name per capita real GDP.

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Lesson 22: Factor Supply | Unit 3: Factor Supply Page: 13 of 25

Topic: Supply Times Three <=PAGE BACK | PAGE NEXT=>

  • A clarification between three types of supply that can be easily confused.

    • Market Supply: Market supply is the total supply of every seller in a market willing and able to sell a good.

    • Supply by a Firm: A second type of supply is that offered by a firm.

    • Supply to a Firm: A third type of supply is that offered to a firm.

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MARKET-CLEARING PRICE

The price that exists when a market is clear of shortage and surplus, or is in equilibrium. Market-clearing price is a common, non-technical term for equilibrium price. In a market graph, the market-clearing price is found at the intersection of the demand curve and the supply curve.

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Today, you are likely to spend a great deal of time browsing through a long list of dot com websites trying to buy either a T-shirt commemorating the 2000 Olympics or a genuine fake plastic Tiffany lamp. Be on the lookout for cardboard boxes.
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Natural gas has no odor. The smell is added artificially so that leaks can be detected.
"It is not the straining for great things that is most effective; it is the doing of the little things, the common duties, a little better and better."

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