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CARICOM: The Caribbean Community (CARICOM) is a subregional organization that was established by the Treaty of Chaguaramas signed in 1973 by Barbados, Jamaica, Guyana and Trinidad & Tobago. Currently, the CARICOM has 15 country members all from the Caribbean region and several non-Caribbean countries that serve as external observers. The Community has several objectives like achieving improved standards of living and work, expansion of trade and economic relations with third States, accelerated, coordinated and sustained economic development and convergence, etc.
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Lesson 6: Market Supply | Unit 1: Selling Basics
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Page: 2 of 19
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There's more we need to consider about supply. First the supply price. Supply price is the minimum price that sellers would be willing and able to accept for a given quantity of a good. - Sellers have an lower limit on the price that they would be willing and able to accept for a good, compared to the upper limit of the demand price.
- Sellers are willing and able to accept a higher price. In fact, they would be glad to sell a good for a billion dollars... or more.
- The minimum supply price is based on the fact of economic life that people prefer more to less.
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ASYMMETRIC INFORMATION Information is not equally available to everyone. Asymmetric information results because efficient information search inevitably stops short of compete information. Some people obtain more benefits from information than others, are willing to incur higher search costs, and thus end up knowing more. Or they incur lower information search costs and have easier access to the information. In a market, sellers tend to have more information about the good than buyers. Asymmetric information gives rise to adverse selection, moral hazard, and the principal-agent problem. These problems can be lessened through signalling and screening.
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The New York Stock Exchange was established by a group of investors in New York City in 1817 under a buttonwood tree at the end of a little road named Wall Street.
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"Carpe diem! Rejoice while you are alive; enjoy the day; live life to the fullest; make the most of what you have. It is later than you think." -- Horace, Ancient Roman poet
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LRMC
Long Run Marginal Cost
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