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DISCRETIONARY INCOME: After-tax income over which a person (or the entire household sector) has more or less complete discretionary control, which can be then used for either consumption or saving. Discretionary income is most commonly measured at the macroeconomic level by disposable income.
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Lesson 7: Market Equilibrium | Unit 4: Adjustment
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Page: 16 of 22
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- How competitive markets tend to be self-correcting because nonequilibrium prices create shortages and surpluses that move the price back to the equilibrium level.
- How shortages, with quantity demanded greater then quantity supplied, are created for prices below the equilibrium level.
- 3. Why a shortage causes price to increase back to the equilibrium level.
- How surpluses, with quantity demanded less then quantity supplied, are created for prices above the equilibrium level.
- Why a surplus causes price to decrease back to the equilibrium level.
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BUYERS' EXPECTATIONS, DEMAND DETERMINANT The expectations that buyers have concerning the future price of a good, which is assumed constant when a demand curve is constructed. Buyers' expectations are one of five demand determinants that shift the demand curve when they change. The other four are buyers' income, buyers' preferences, other prices, and number of buyers.
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GREEN LOGIGUIN
[What's This?]
Today, you are likely to spend a great deal of time searching the newspaper want ads trying to buy either a three-hole paper punch or decorative picture frames. Be on the lookout for poorly written technical manuals.
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Much of the $15 million used by the United States to finance the Louisiana Purchase from France was borrowed from European banks.
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"A stumble may prevent a fall. " -- Margaret Thatcher, British prime minister
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DOC
Department of Commerce
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