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RESOURCE MARKETS: Market used to exchange the services of resources labor, capital, and natural resources. The value of services exchanged through resource markets each year is measured as national income. Compare financial market, product market.
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Lesson 9: Consumer Demand | Unit 3: Marginal Utility
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Page: 14 of 22
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Topic:
Diamond-Water Paradox
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- The diamond-water paradox is the perplexing observation that water, which is more useful that diamonds, has a lower price than diamonds. If price is related to utility, it seems that water would have a higher price than diamonds, not lower.
- This paradox actual serves to illustrate the difference between total utility and marginal utility.
- The most important implication from the diamond-water paradox is that price is related to marginal utility not total utility.
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OPEN ECONOMY An economy that engages in international trade, especially one that exports goods and services to, and imports goods and services from, other economies that make up its foreign sector. It is "open" in the sense that goods and services flow into and out of the country. The alternative to an open economy is a closed economy, one that does not engage in international trade.
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ORANGE REBELOON
[What's This?]
Today, you are likely to spend a great deal of time waiting for visits from door-to-door solicitors trying 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 poorly written technical manuals.
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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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"Old age isn't so bad when you consider the alternative. " -- Cato, Roman orator
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CPI
Consumer Price Index
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