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SPATIAL: A modifying term used to indicate a connection or relation to space, and by inference the study of urban and regional economics, as suggested by the term spatial differentiation (which means differences in the concentration of economic activity across space). This term is commonly used to make people some exceedingly intelligent by asking questions like "Did you consider spatial factors in your analysis?" However, in so doing be careful that the word is pronounced "spatial", not "special." This just confuses the situation.
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Lesson 9: Consumer Demand | Unit 4: The Curves
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Page: 16 of 22
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- A graph of total utility is achieved much like many other graphs in economics, by plotting a set of numbers.
- Let's set the stage.
- The axes at the right present the plotting area.
- The horizontal axis measures quantity, the number of hours spent at the beach. This ranges from 0 to 8.
- The vertical axis measures total utility, in utils, ranging from 0 to 40.
- The points plotted come from an infinite number of points that capture the relation between total utility and time at the beach.
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MARKET-CLEARING PRICE The price that exists when a market is clear of shortage and surplus, or is in equilibrium. Market-clearing price is a common, non-technical term for equilibrium price. In a market graph, the market-clearing price is found at the intersection of the demand curve and the supply curve.
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PURPLE SMARPHIN
[What's This?]
Today, you are likely to spend a great deal of time flipping through mail order catalogs hoping to buy either a coffee cup commemorating yesterday or a replacement remote control for your television. Be on the lookout for slightly overweight pizza delivery guys.
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This isn't me! What am I?
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The average length of a "business lunch" is about 36 minutes.
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"I much prefer the sharpest criticism of a single intelligent man to the thoughtless approval of the masses." -- Johannes Kepler, German Astronomer
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ACRS
Accelerated Cost Recovery System
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