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HOMOGENEOUS GOOD: Goods that are either physically identical or at least viewed as identical by buyers. In particular, the producer of a good can not be identified from the good itself. This is a key assumption underlying the perfect competition market structure, and like other assumptions is only approximated in the real world. Agricultural products, metals, and energy goods come as close as any in the real world.
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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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DISPOSABLE INCOME The total income that can be used by the household sector for either consumption expenditures or saving during a given period of time, usually one year. Disposable income (DI) is one of three measures of income reported in the National Income and Product Accounts maintained by the Bureau of Economic Analysis. The other two are national income (NI) and personal income (PI). Two related measures of production are gross domestic product (GDP) and net domestic product (NDP).
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YELLOW CHIPPEROON
[What's This?]
Today, you are likely to spend a great deal of time at a garage sale hoping to buy either a coffee cup commemorating the 1960 Presidential election or a how-to book on fixing your computer, with illustrations. Be on the lookout for small children selling products door-to-door.
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This isn't me! What am I?
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A scripophilist is one who collects rare stock and bond certificates, usually from extinct companies.
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"The more you praise and celebrate your life, the more there is in life to celebrate." -- Oprah Winfrey
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NYBOR
New York Interbank Offered Rate
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