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RECYCLING: The use or reuse of previously extracted materials, waste products, or finished goods as inputs in the production process rather than using newly extracted natural resources. Recycling is one method of controlling pollution. Many types of resources are commonly recycled. For consumers, aluminum and newspapers are commonly recycled products. Producers frequently recycle steel and iron. In these cases, recycled materials augment the market supply. They also prevent the return of residuals to the environment.
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Lesson 5: Market Demand | Unit 5: Scarcity
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Page: 19 of 20
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Demand is closely related to the scarcity problem, especially unlimited wants and needs.- Scarcity arises because society has limited resources but unlimited wants and needs.
- The connection between demand and scarcity is:
- The demand side of the markets comes directly from the unlimited wants and needs side of the scarcity problem, and
- The supply side of the market comes from the limited resources side of the scarcity problem.
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SELLERS' MARKET A disequilibrium condition in a competitive market that has a shortage or excess demand. Because the quantity demanded is greater than the quantity supplied, sellers have the "upper hand" when negotiating. A sellers' market also goes by the more common term of shortage. The alternative to a sellers' market is a buyers' market, which has a surplus or excess supply.
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RED AGGRESSERINE
[What's This?]
Today, you are likely to spend a great deal of time flipping through the yellow pages seeking to buy either car battery jumper cables or a dozen high trajectory optic orange golf balls. Be on the lookout for broken fingernail clippers.
Your Complete Scope
This isn't me! What am I?
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The average bank teller loses about $250 every year.
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"You miss 100% of the shots you never take. " -- Wayne Gretzky, hockey player
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NAIRU
Non-Accelerating Inflation Rate of Unemployment
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