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SCARCE GOOD: A resource with an available quantity less than its desired use. Scarce resources are also called factors of production. Scarce goods are also termed economic goods. Scarce resources are used to produce scarce goods. Like the more general society-wide condition of scarcity, a given resource is scarce because it has a limited availability in combination with a greater (potentially unlimited) productive use. It's both of these that make it scarce. In other words, even though an item is quite limited it will not be a scarce resource if it has few if any uses (think pocket lint and free good).

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Lesson 9: Consumer Demand | Unit 3: Marginal Utility Page: 15 of 22

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In this unit, you should have learned about:
  • Marginal utility as the extra satisfaction obtained from consuming more units of a good.
  • How marginal utility is identified as the change in total utility due to a change in the quantity.
  • The marginal utility schedule as a table relating marginal utility and the quantity consumed.
  • How marginal utility decreases with the quantity consumed until it becomes negative.
  • The law of diminishing marginal utility which states that marginal utility declines when more of a good is consumed.
  • Why the law of diminishing marginal utility results from fulfilling a want or need.
  • The potential relation between the law of demand and the law diminishing marginal utility.
  • How the diamond-water paradox illustrates the difference between total utility and marginal utility.

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INTERNATIONAL MARKET

A graphical model used to analyze the trade between two nations based on the domestic markets for a particular good in each nation. The international market combines the excess demand (or import demand) from one country with the excess supply (or export supply) from another to illustrate how two nations undertake mutually beneficial trade. The international market model also can be used to analyze the impact of tariffs, import quotas, and export subsidies.

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YELLOW CHIPPEROON
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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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The first U.S. fire insurance company was established by Benjamin Franklin in 1752 in Philadelphia.
"For a writer, published works are like fallen flowers, but the expected new work is like a calyx waiting to blossom."

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