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May 26, 2022 

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MARKET CLEARING: The price and quantity that equates the quantity demanded and quantity supplied; equates the demand price and supply price; and achieves market equilibrium. In other words, the market is "cleared" of shortages and surpluses.

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CONSUMER: A broad term for people when they are engaged in the use of goods and services to satisfy wants and needs. Consumers are part of the household sector.

     See also | consumer behavior | demand | utility | satisfaction | consumer demand theory | household sector | Consumer Price Index |


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SECOND-DEGREE PRICE DISCRIMINATION

A form of price discrimination in which a seller charges different prices for different quantities of a good. This also goes by the name block pricing. Second-degree price discrimination is possible because decidedly different quantities are purchased by different types of buyers with different demand elasticities. This is one of three price discrimination degrees. The others are first-degree price discrimination and third-degree price discrimination.

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Today, you are likely to spend a great deal of time wandering around the shopping mall wanting to buy either a rotisserie oven that can also toast bread or a flower arrangement in a coffee cup for your father. Be on the lookout for malfunctioning pocket calculators.
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The earliest known use of paper currency was about 1270 in China during the rule of Kubla Khan.
"Try not to become a man of success, but rather try to become a man of value. "

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