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AMERICAN ECONOMIC ASSOCIATION: An organization of over 25,000 professional economists. Founded in 1885, this premier top-of-the-economic-association-list publishes the prestigious American Economic Review, arguably THE number one scholarly U.S. economic journal and the Journal of Economic Literature, arguably THE number one index of economic journal publications. The AEA, as acronymically inclined economists call it, also sponsors an annual conference where professional economists present scholarly papers on their latest scholarly research.

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Lesson 5: Market Demand | Unit 4: Determinants Page: 16 of 20

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The five determinants that cause the demand curve to shift are:
  • Income: Income affects the ability of buyers to buy. It can affect a good in two ways-normal or inferior.
  • Preferences: Preferences, our likes and dislikes, affect the willingness of buyers to buy.
  • Prices of other goods: Other goods can be either substitutes or complements to the good we're analyzing.
  • Expectations: Buyers' current demand depends on expectations of future prices.
  • Number of buyers: More buyers, more demand. Fewer buyers, less demand.
These categories include all factors other than price that affect demand.

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TOTAL FACTOR COST CURVE

A curve that graphically represents the relation between total factor cost incurred by a firm when using a given factor of production to produce a good or service. The total factor cost curve is most important in factor market analysis for the derivation of the marginal factor cost curve. Two related factor cost curves are average factor cost curve and marginal factor cost curve.

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Today, you are likely to spend a great deal of time touring the new suburban shopping complex wanting to buy either 500 feet of coaxial cable or a coffee cup commemorating the 1960 Presidential election. Be on the lookout for telephone calls from former employers.
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The first "Black Friday" on record, a friday marked by a major financial catastrophe, occurred on September 24, 1869 -- A FRIDAY -- when an attempted cornering of the gold market induced a financial crises and economy-wide depression.
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