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RESOURCE PRICES: One of the five supply determinants assumed constant when a supply curve is constructed, and that shift the supply curve when they change. The other four are technology, other prices, sellers' expectations, and number of sellers. Resource prices, the prices paid to use the factors of production (labor, capital, land, and entrepreneurship) affect production cost and thus producers' ability to sell goods. In general, if sellers face higher resource prices, then they have less ABILITY to sell goods.
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Lesson 3: Scarcity | Unit 5: THE Problem
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Page: 15 of 17
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An important aspect of scarcity is the fact that almost nothing is free.- That's why economists are fond of saying: 'There ain't no such thing as a free lunch.
We have always faced limited resources and we've always wanted more than we can produce.- Scarcity is definitely THE Economic Problem.
- Everything we do from in economic terms-production, consumption, working, attending college-is directed toward this problem.
- Scarcity is important to many, perhaps even all, other human activities.
- Education? Without scarcity, education is not needed.
- Government? Without scarcity, government is not needed.
- What about vacations, religion, television?
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PERFECTLY ELASTIC An elasticity alternative in which infinitesimally small changes in one variable (usually price) cause infinitely large changes in another variable (usually quantity). Quantity is infinitely responsive to price. Any change in price, no matter how small, triggers an infinite change in quantity. This characterization of elasticity is most important for the price elasticity of demand and the price elasticity of supply. Perfectly elastic is one of five elasticity alternatives. The other four are perfectly inelastic, relatively elastic, relatively inelastic, and unit elastic.
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ORANGE REBELOON
[What's This?]
Today, you are likely to spend a great deal of time at a flea market trying to buy either a T-shirt commemorating next Thursday or a birthday gift for your uncle. Be on the lookout for bottles of barbeque sauce that act TOO innocent.
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This isn't me! What am I?
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The New York Stock Exchange was established by a group of investors in New York City in 1817 under a buttonwood tree at the end of a little road named Wall Street.
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"Everyone is bound to bear patiently the results of his own example. " -- Phaedrus, Philosopher
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AACP
American Assocation of Commercial Publications
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