|
|
SERVICES, CONSUMPTION: Personal consumption expenditures on activities that provide direct satisfaction of wants and needs without the production of tangible goods. Common examples are information, entertainment, and education. This is one of three categories of personal consumption expenditures in the National Income and Product Accounts maintained by the Bureau of Economic Analysis. The other two are durable goods (see durable goods, consumption) and nondurable goods (see nondurable goods, consumption). Services are about 60% of personal consumption expenditures and 40% of gross domestic product.
Visit the GLOSS*arama
|
|
|
|
|
Lesson 9: Consumer Demand | Unit 1: Demand Theory
|
Page: 4 of 22
|
- Recall that:
- The law of demand states that an inverse relation exists between demand price and the quantity demanded, ceteris paribus.
- According to the law of demand, the demand price that buyers are willing to pay for a good varies inversely with the quantity demanded.
More Than Willingness - Demand depends on more that just the willingness to buy goods:
- Buyers must also be able to buy.
|
|
|
|
|
|
|
LAW OF COMPARATIVE ADVANTAGE A principle that states that every nation, worker, or production entity has a production activity that incurs a lower opportunity cost than that of another nation, worker, or production entity, which means that trade between the two can be beneficial to both if each specializes in the production of a good with lower relative opportunity cost. This law is most often studied in the confines of international trade, but it also applies to labor and other types of production.
Complete Entry | Visit the WEB*pedia |
|
|
BLACK DISMALAPOD
[What's This?]
Today, you are likely to spend a great deal of time at a going out of business sale hoping to buy either a wall poster commemorating the first day of winter or blue cotton balls. Be on the lookout for malfunctioning pocket calculators.
Your Complete Scope
This isn't me! What am I?
|
|
|
The wealthy industrialist, Andrew Carnegie, was once removed from a London tram because he lacked the money needed for the fare.
|
|
|
"Look at the abundance all around you as you go about your daily business. You have as much right to this abundance as any other living creature. It's yours for the asking." -- Earl Nightingale
|
|
BJE
Bell Journal of Economics
|
|
|
Tell us what you think about AmosWEB. Like what you see? Have suggestions for improvements? Let us know. Click the User Feedback link.
User Feedback
|
|
