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WEALTH PYRAMID: A handy technique that many get-rich-quick schemes use to transfer a little wealth from a lot of people into the overflowing pockets of a few. In works in this manner--A person or business establishes a multi-level pyramid of investors, employees, or "distributors." Each level is responsible for recruiting the next level beneath it. The trick is that each distributor at one level recruits several distributors into the next lower level in an ever-expanding fashion. Each recruit transfers a little, teeny, tiny bit of their own wealth to the next higher level. In that each higher level has fewer members, that little, teeny, tiny bit of wealth accumulates rapidly, making those at the top incredibly well-off.

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Lesson 5: Market Demand | Unit 4: Determinants Page: 18 of 20

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  • Why relaxing the ceteris paribus assumption enables further analysis of demand and markets.
  • How the changes in the demand determinants cause rightward or leftward shifts in the demand curve.
  • The five basic demand determinants: income, preferences, prices of other goods, buyers' expectations, and number of buyers.
  • How income affects the demand for normal goods differently than inferior goods.
  • How a change in the price of a substitute goods affects demand differently than a change in the price of a complement good.
  • Most important of all, the difference between a change in demand, caused by a change in a demand determinant, and a change in quantity demanded, caused by a change in price.


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AGGREGATE MARKET

An economic model relating the price level and real production that is used to analyze business cycles, gross production, unemployment, inflation, stabilization policies, and related macroeconomic phenomena. The aggregate market, inspired by the standard market model, but adapted to the macroeconomy, captures the interaction between aggregate demand (the buyers) and short-run and long-run aggregate supply (the sellers). Also known by the names AS-AD model or income-price model, the aggregate market is THE cornerstone model of macroeconomic analysis.

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APLS

BLUE PLACIDOLA
[What's This?]

Today, you are likely to spend a great deal of time going from convenience store to convenience store wanting to buy either a genuine fake plastic Tiffany lamp or a microwave over that won't burn your popcorn. Be on the lookout for letters from the Internal Revenue Service.
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This isn't me! What am I?

John Maynard Keynes was born the same year Karl Marx died.
"No man, for any considerable time, can wear one face to himself and another to the multitude without finally getting bewildered as to which may be true."

-- Nathanial Hawthorne, Author

DBD
Declining Balance Depreciation
A PEDestrian's Guide
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