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LEGAL CLAIMS: Ownership of the physical goods, services, and resources that make up the real side of the economy. Legal claims are a key feature of the paper, or financial side of the economy. Transferring legal claims is the primary method of diverting income from household saving to investment and government borrowing. Legal-claim buyers loan income and legal-claim sellers borrower income.
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Lesson 7: Market Equilibrium | Unit 1: The Exchange
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Page: 5 of 22
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- The concept of markets as voluntary trades among buyers and sellers that is used to address the scarcity problem.
- Four key points about markets:
- They combine demand and supply.
- They trade goods, services, and resources.
- They are voluntary.
- They are analyzed over a give time period.
- Examples of different markets, ranging from a formal, organized stock market to a less formal, less organized rummage sale.
- The nature of market equilibrium as a balance of the forces of demand and supply.
- How market equilibrium is indicated by the equilibrium quantity and equilibrium price.
- The importance of competition to the efficient operation of markets and how the number of participants determines competition among buyers and sellers.
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INFLATION RATE The percentage change in the price level from one period to the next. The inflation rate is most commonly presented as an annual average, the percentage change in the average price level from one year to the next. The two most common price indexes used to measure the price level and the inflation rate are the Consumer Price Index (CPI) and the GDP price deflator. The inflation rate is one of several key indicators of business-cycle instability and the overall health of the macroeconomy, with primary focus on tracking the goal of price stability.
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BROWN PRAGMATOX
[What's This?]
Today, you are likely to spend a great deal of time flipping through the yellow pages seeking to buy either a rotisserie oven that can also toast bread or a flower arrangement in a coffee cup for your father. Be on the lookout for neighborhood pets, especially belligerent parrots.
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This isn't me! What am I?
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There were no banks in colonial America before the U.S. Revolutionary War. Anyone seeking a loan did so from another individual.
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"There is no passion to be found playing small ‚ in settling for a life that idles than the one you are capable of living." -- Nelson Mandela
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ACCR
Annual Cost of Capital Recovery
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