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BUREAUCRAT: Someone who works in a bureaucracy. Usually the term bureaucrat is used as a deregulatory, even profane, description of a government employee (such as "that dirty faceless bureaucrat"), indicating that the person would need serious genetic restructuring to be included in the human race. Closer genetic inspection (and the theory of public choice), however, indicates that the real culprit is complex bureaucracies and the rules under which they operate.
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Lesson 7: Market Equilibrium | Unit 4: Adjustment
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Page: 13 of 22
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Markets have a built-in self correction mechanism:- If a market is at equilibrium, it remains there.
- If a market is not at equilibrium, it moves to equilibrium.
- A market does not need someone (like government) controlling it to ensure that it reaches equilibrium.
Three price alternatives:- At equilibrium, nothing changes.
- Below equilibrium, a shortage.
- Above equilibrium, a surplus.
- By creating shortages and surpluses, non-equilibrium prices induce the price to change. These changing prices move the market back to equilibrium.
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PAYMENT FLOW In the circular flow, the transfer of money in payment in exchange for the counter-clockwise physical flow of goods and services. The payment flow is the monetary payment for goods and services received by the household sector from the business sector through product markets and the monetary payment for resource services obtained by the business sector from the household sector through resource markets. The payment flow is usually illustrated as a clockwise flow for a model with the product markets at the top, resource markets at the bottom, household sector at the left, and business sector at the left. The physical flow moves in the opposite direction.
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BLACK DISMALAPOD
[What's This?]
Today, you are likely to spend a great deal of time going from convenience store to convenience store wanting to buy either an AC adapter for your CD player or storage boxes for your family photos. Be on the lookout for crowded shopping malls.
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The standard "debt" notation I.O.U. does not mean "I owe you," but actually stands for "I owe unto..."
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"People of mediocre ability sometimes achieve outstanding success because they don't know when to quit. " -- George Allen, U.S. senator
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FMV
Fair Market Value
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