|
|
PI: The abbreviation for personal income, which is the total income received by the members of the domestic household sector, which may or may not be earned from productive activities during a given period of time, usually one year. Personal income is one of three measures of income reported quarterly (every three months) in the National Income and Product Accounts maintained by the Bureau of Economic Analysis.
Visit the GLOSS*arama
|
|
|
|
|
Lesson 5: Market Demand | Unit 1: Buying Basics
|
Page: 2 of 20
|
|
More we need to consider about demand. First the demand price. Demand price is the maximum price that buyers would be willing and able to pay for a given quantity of a good. - The emphasis is on maximum. Buyers have an upper limit on the price that they would be willing and able to pay for a good.
- Buyers are willing and able to pay a lower price. In fact, they would be glad to get it for free.
- The maximum demand price is based on the fact of economic life that people prefer more to less.
|
|
|
|
|
|
|
EQUILIBRIUM, AGGREGATE MARKET The state of equilibrium that exists in the aggregate market when real aggregate expenditures are equal to real production with no imbalances to induce changes in the price level or real production. The opposing forces of aggregate demand (the buyers) and aggregate supply (the sellers) exactly offset each other. At the existing price level, the four macroeconomic sectors (household, business, government, and foreign) purchase all of the real production that they seek and producers sell all of the real production that they have.
Complete Entry | Visit the WEB*pedia |
|
|
PINK FADFLY
[What's This?]
Today, you are likely to spend a great deal of time at a garage sale trying to buy either one of those memory foam pillows or a remote controlled train set. Be on the lookout for small children selling products door-to-door.
Your Complete Scope
This isn't me! What am I?
|
|
|
Al Capone's business card said he was a used furniture dealer.
|
|
|
"Sometimes when you innovate, you make mistakes. It is best to admit them quickly and get on with improving your other innovations. " -- Steve Jobs, Apple Computer founder
|
|
NBS
Nash Bargaining Solution
|
|
|
Tell us what you think about AmosWEB. Like what you see? Have suggestions for improvements? Let us know. Click the User Feedback link.
User Feedback
|
|
