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FINAL GOODS AND SERVICES: Goods and services that are available for purchase by their ultimate or intended user with no plans for further physical transformation or as an input in the production of other goods that will be resold. Gross domestic product seeks to measure the market value of final goods. Final goods are purchased through product markets by the four basic macroeconomic sectors (household, business, government, and foreign) as consumption expenditures, investment expenditures, government purchases, and exports. Final goods, which are closely related to the term current production, should be contrasted with intermediate goods--goods (and services) that will be further processed before reaching their ultimate user.
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Lesson 5: Market Demand | Unit 1: Buying Basics
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Page: 4 of 20
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- Demand as the range of prices and quantities that buyers are willing and able to buy at different prices.
- Why buyers must be both willing and able to buy a good to have a demand. Willingness is based on tastes and preferences. Ability is based on income.
- Why demand includes a range of prices and quantities, not just a specific quantity.
- Why demand is analyzed during a given time period.
- Demand price as the maximum price that buyers would be willing and able to pay for a given quantity.
- Quantity demanded as the maximum quantity buyers would be willing and able to buy at a specific price.
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ASSUMPTION An initial condition or statement of a model or theory that sets the stage for an analysis by abstracting from the real world. Assumptions are important to economic analysis. Some assumptions are used to simplify a complex analysis into more easily manageable parts. Other assumptions are used as control conditions that are subsequently changed to evaluate the consequences.
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PINK FADFLY
[What's This?]
Today, you are likely to spend a great deal of time watching infomercials looking to buy either a genuine fake plastic Tiffany lamp or a microwave over that won't burn your popcorn. Be on the lookout for high interest rates.
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Approximately three-fourths of the U.S. paper currency in circular contains traces of cocaine.
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"Plans are only good intentions unless they immediately degenerate into hard work." -- Peter Drucker, management consultant
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NZFOE
New Zealand Futures and Options Exchange
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