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RELATIVE POVERTY LEVEL: The amount of income a person or family needs to purchase a relative amount of basic necessities of life. These basic necessities are identified relative to the current structure of society and the economy. For example, while a refrigerator would be a basic necessity for someone living in the our modern U.S. economy, it probably would not be consider a necessity for nomads of sub-Saharan Africa or aborigines of Australia.

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Lesson 7: Market Equilibrium | Unit 1: The Exchange Page: 1 of 22

Topic: What It Is <=PAGE BACK | PAGE NEXT=>

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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MARGINAL REVENUE, MONOPOLY

The change in total revenue resulting from a change in the quantity of output sold. Marginal revenue indicates how much extra revenue a monopoly receives for selling an extra unit of output. It is found by dividing the change in total revenue by the change in the quantity of output. Marginal revenue is the slope of the total revenue curve and is one of two revenue concepts derived from total revenue. The other is average revenue. To maximize profit, a monopoly equates marginal revenue and marginal cost.

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Today, you are likely to spend a great deal of time at a garage sale wanting to buy either a 50 foot extension cord or a combination CD player, clock radio, and telephone (with answering machine). Be on the lookout for pencil sharpeners with an attitude.
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The 1909 Lincoln penny was the first U.S. coin with the likeness of a U.S. President.
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