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ECONOMIC GROWTH, SOURCES: Our economy achieves economic growth with increases in the quantity or quality of resources. The quantity part is relatively simple. If we get more resources, then we have the ability to produce more output. We can also improve resource quality, making existing resources more productive, primarily through education and technology.

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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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MACROECONOMIC THEORIES

Scientific theories that seek to explain phenomena associated with the macroeconomy. The primary phenomena investigated are unemployment, inflation, and the level of aggregate production. Macroeconomic theories also inevitably provide policy recommendations intended to improve the performance of the economy and to correct macroeconomic problems. A few of the more noted macroeconomic theories are: Classical economics, Keynesian economics, aggregate market (AS-AD) analysis, IS-LM analysis, Monetarism, and New Classical economics.

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GREEN LOGIGUIN
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Today, you are likely to spend a great deal of time surfing the Internet trying to buy either a pair of designer sunglasses or looseleaf notebook paper. Be on the lookout for strangers with large satchels of used undergarments.
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Three-forths of the gold mined each year is used to manufacture jewelry.
"For a writer, published works are like fallen flowers, but the expected new work is like a calyx waiting to blossom."

-- Cao Yu, Playwright

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Discounted Present Value
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