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RULE OF CONSUMER EQUILIBRIUM: A condition of consumer equilibrium and utility maximization stating that the marginal utility-price ratio for all goods are equal. This rule is a handy way of checking for consumer equilibrium and utility maximization. If the rule is not satisfied, then consumer equilibrium and utility maximization are not achieved.

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Lesson 22: Factor Supply | Unit 1: Background Page: 5 of 25

Topic: Circular Flow <=PAGE BACK | PAGE NEXT=>

  • Factor markets are only part of the economic picture.

  • This diagram depicts the basic circular flow of the economy.

  • The circular flow is the continuous production and consumption interaction among the household and business sectors that takes place through the product and resource markets.
  • Examining the circular flow more closely.

  • Two Sectors:

    • Household
    • Business

  • The household and business sectors interact through Two Markets:

    • Product Markets
    • Resource Markets

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INCOME CHANGE, UTILITY ANALYSIS

A disruption of consumer equilibrium identified with utility analysis caused by changes in the buyers' income, which results in a change in the quantities of the goods consumed. The change in buyers' income alters the income constraint and forces a reevaluation of the rule of consumer equilibrium.

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Today, you are likely to spend a great deal of time driving to a factory outlet trying to buy either a birthday gift for your uncle or a pair of red and purple designer socks. Be on the lookout for florescent light bulbs that hum folk songs from the sixties.
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It's estimated that the U.S. economy has about $20 million of counterfeit currency in circulation, less than 0.001 perecent of the total legal currency.
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