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WEIGHT LOSING: An activity in which the transportation cost of the inputs is greater than the transportation cost of the output. Using the term weight to mean transportation cost, an activity is said to lose weight if the cost of getting the inputs to the factory is greater than the cost of moving the output to the market. A weight-losing activity has a greater attraction to, and tends to locate near, the source for the inputs.
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Lesson 7: Market Equilibrium | Unit 1: The Exchange
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Market is the term we used to indicate voluntary trades among buyers and sellers. These trade involve a mutually agreeable quantity at a mutually agreeable price. A definition: A market is an organized exchange of commodities (including resources, goods, and services) among buyers and sellers, during a given time period.Four important points about markets. 1. Markets are voluntary trades among buyers who want something (the demand side) and sellers who have something (the supply side). 2. The most important items traded are the goods and services that people consume, and the resources used to produce these goods and services. 3. Markets are the voluntary means of facing the scarcity problem. Government is the involuntary way of the facing scarcity problem. 4. Like demand and supply, markets are analyzed over a given time period.
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MARKET-CLEARING PRICE The price that exists when a market is clear of shortage and surplus, or is in equilibrium. Market-clearing price is a common, non-technical term for equilibrium price. In a market graph, the market-clearing price is found at the intersection of the demand curve and the supply curve.
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BLACK DISMALAPOD
[What's This?]
Today, you are likely to spend a great deal of time wandering around the shopping mall hoping to buy either a coffee cup commemorating the 1960 Presidential election or a how-to book on fixing your computer, with illustrations. Be on the lookout for the last item on a shelf.
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This isn't me! What am I?
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John Maynard Keynes was born the same year Karl Marx died.
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"Always dream and shoot higher than you know how to. Don't bother just to be better than your contemporaries or predecessors. Try to be better than yourself." -- William Faulkner, writer
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KLIC
Kullback-Leibler Information Criterion
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