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FINAL GOOD: A good (or service) that is available for purchase by the ultimate or intended user with no plans for further physical transformation or as an input in the production of other goods that will be resold. Gross domestic product seeks to measure the market value of final goods. Final goods are purchased through product markets by the four basic macroeconomic sectors (household, business, government, and foreign) as consumption expenditures, investment expenditures, government purchases, and exports. Final goods, which are closely related to the term current production, should be contrasted with intermediate goods--goods (and services) that will be further processed before reaching their ultimate user.

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Lesson 9: Consumer Demand | Unit 5: Taking Stock Page: 20 of 22

Topic: Two Laws <=PAGE BACK | PAGE NEXT=>

  • One point of interest on the horizon is the law of demand.
  • Recall that...
  • The law of demand states that an inverse relation exists between demand price and the quantity demanded, ceteris paribus.
  • The portion of this definition that is most important to the theory of consumer demand is the demand price.
  • Definitionally speaking,
  • Demand price is the maximum price that buyers would be willing and able to pay for a given quantity of a good.
  • The law of diminishing marginal utility is the guiding principle of consumer demand theory.
  • It captures the relation between marginal utility and quantity.

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POLITICAL VIEWS

Alternative perspectives of the proper role that government should play in the economy, with conservatives on the right, liberals on the left, and moderates in the middle. Libertarians show up to the right of conservatives and socialists (including Marxists and communists) are to the left of liberals.

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APLS

BLUE PLACIDOLA
[What's This?]

Today, you are likely to spend a great deal of time wandering around the downtown area hoping to buy either a pair of gray heavy duty boot socks or a 50-foot blue garden hose. Be on the lookout for fairy dust that tastes like salt.
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This isn't me! What am I?

A thousand years before metal coins were developed, clay tablet "checks" were used as money by the Babylonians.
"In war, there is no second prize for the runner-up."

-- Omar Bradley, US Army general

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Quantitative Restriction
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