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THREE QUESTIONS OF ALLOCATION: The three basic questions that an economy must answer because of limited resources and unlimited wants and needs are: What? How? and For Whom? The basic problem of scarcity requires every society to determine: What goods to produce? How to produce the goods? and Who receives the goods that are produced?
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Lesson 7: Market Equilibrium | Unit 2: The Numbers
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Page: 8 of 22
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What would happen if buyers and sellers faced a price of 50 cents?- At 50 cents, the quantity demanded is 400 tapes.
- At 50 cents, the quantity supplied is 400 tapes.
- The quantity demanded is the same as the quantity supplied at this 50 cent price.
- This IS equilibrium.
- This equilibrium price and equilibrium quantity will remain until something else changes.
- This 50 cent price is the only one that matches the quantity demanded and the quantity supply
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AVERAGE FACTOR COST Total factor cost per unit of factor input employed by a firm in the production of output, found by dividing total factor cost by the quantity of factor input. Average factor cost, abbreviated AFC, is generally equal to the factor price. However, using the longer term average factor cost makes it easier to see the connection to related terms, including total factor cost and marginal factor cost.
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WHITE GULLIBON
[What's This?]
Today, you are likely to spend a great deal of time visiting every yard sale in a 30-mile radius trying to buy either several magazines on time travel or 500 feet of telephone cable. Be on the lookout for crowded shopping malls.
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This isn't me! What am I?
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Potato chips were invented in 1853 by a irritated chef repeatedly seeking to appease the hard to please Cornelius Vanderbilt who demanded french fried potatoes that were thinner and crisper than normal.
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"Always dream and shoot higher than you know how to. Don't bother just to be better than your contemporaries or predecessors. Try to be better than yourself." -- William Faulkner, writer
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FITW
Federal Income Tax Witholding
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