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TOTAL FACTOR COST CURVE, MONOPSONY: A curve that graphically represents the relation between total factor cost incurred by a monopsony when using a given factor of production to produce a good or service. The total factor cost curve is most important in factor market analysis for the derivation of the marginal factor cost curve.
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Lesson 9: Consumer Demand | Unit 1: Demand Theory
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- The decision-making process is the cornerstone of market demand.
- The whole notion of examining decision-making to better understand market demand falls under the heading of consumer demand theory.
- Consumer demand theory is the study of human behavior as it applies to the purchase of goods and services with particular emphasis on the satisfaction (or utility) derived from consumption.
- Consumer demand theory also provides insight into other topics:
- Family Size
- Politics
- Crime
- Attending Class
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AUCTION A formal market exchange in which prospective buyers make bids to purchase a commodity. An auction is an effective way of exchanging commodities by bringing together buyers and sellers. Auctions are commonly used to exchange financial instruments, agricultural commodities, personal assets, and works of art. Three notable types of auctions are English, Dutch, and sealed-bid.
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PURPLE SMARPHIN
[What's This?]
Today, you are likely to spend a great deal of time watching the shopping channel seeking to buy either a pair of gray heavy duty boot socks or a 50-foot blue garden hose. Be on the lookout for small children selling products door-to-door.
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A scripophilist is one who collects rare stock and bond certificates, usually from extinct companies.
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"Old age isn't so bad when you consider the alternative. " -- Cato, Roman orator
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RBC
Real Business Cycle
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