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ACCESSIBILITY: The location of economic activity (especially in terms of land) relative to other activities. As real estate agents are prone to say, "The three most important factors in real estate are 'location, location, location.'" Accessibility determines how easy or difficult (read this as costly) it is to allocate good, services, and resources. Transportation is a key factor in accessibility. Efficient, low cost transportation systems improve accessibility.

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Lesson 7: Market Equilibrium | Unit 2: The Numbers Page: 7 of 22

Topic: Market Agreement <=PAGE BACK | PAGE NEXT=>

What would happen if we had different prices in the market?
  • At 10 cents, the quantity demanded is 800 tapes and the quantity supplied is 0 tapes. This is not a suitable price. The buyers can't buy all that they want.
  • At 90 cents, the quantity demanded is 0 tapes and the quantity supplied is 800 tapes. This is not a suitable price, either. The sellers can't sell all that they want.
  • Buyers or sellers are not satisfied at these prices and will take corrective action.
This is not equilibrium.

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CONSUMPTION EXPENDITURES

Expenditures made by the household sector on final goods and services, or gross domestic product. Consumption expenditures play a central role in macroeconomic activity affecting both short-run business cycles and long-run economic growth. The motivation behind consumption expenditures is the general process of consumption, which is the use of goods and services to satisfy wants and needs, and are officially measured by personal consumption expenditures. These are one of four expenditures on gross domestic product. The other three are investment expenditures, government purchases, and net exports.

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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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Al Capone's business card said he was a used furniture dealer.
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