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March 1, 2024 

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EQUITY: This has two, not totally unrelated, uses in our wonderful world of economics. The first is as one of the two micro goals (the other being efficiency) of a mixed economy. This use relates to the "fairness" of our income or wealth distributions. The second use of the term equity means ownership, especially the ownership of a business or corporation.

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PRIVATE PROPERTY: A fundamental economic institution in which resources (property) are owned and controlled by households and businesses (the private sector) rather than government (the public sector). Private property provides critical incentives for the efficient operation of competitive market and a market-oriented economy. Under private-property ownership, control over resources is relinquished (that is sold) when the owners are compensated for their opportunity costs. And this is just the sort of thing that leads to an efficient use of resources.

     See also | institution | resources | ownership and control | household | business | private sector | government | public sector | efficiency | competitive market | market-oriented economy | opportunity cost |


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PRIVATE PROPERTY, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2024. [Accessed: March 1, 2024].


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MARKET DEMAND

The combined demand of everyone willing and able to buy a good in a market. Market demand is one half of the market. The other is market supply. It is graphically represented by a negatively-sloped market demand curve, which can be derived by combining, or adding, the individual demands of every buyer in the market.

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Today, you are likely to spend a great deal of time watching infomercials trying to buy either semi-gloss photo paper that works with your neighbor's printer or a birthday gift for your father that doesn't look like every other birthday gift for your father. Be on the lookout for small children selling products door-to-door.
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