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JUST PRICE: A somewhat archaic term developed by St. Thomas Aquinas that the price of a good should equal the worth generally agreed to by society. This is based on a notion of justice and fairness that goods should only be exchange for something of equal value or worth. For example, if ice cream readily sells for a dollar a scoop throughout the city, but one vendor charges two dollars, then this higher price would not be considered a just price. This view of a just price is relies on the view that each good has an intrinsic value which is inconsistent with modern views of markets, prices, and subjective values.

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TWO-SECTOR INJECTIONS-LEAKAGES MODEL: A model used to identify equilibrium in Keynesian economics based on injections (investment) and leakages (saving) for the two basic sectors (household and business). Equilibrium is achieved at the intersection of the saving line, S, and the investment line, I.

     See also | injections-leakages model | S-I model | Keynesian economics | Keynesian equilibrium | saving line | investment line | injection | leakage | household sector | business sector | two-sector Keynesian model | three-sector injections-leakages model | four-sector injections-leakages model |


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EQUILIBRIUM PRICE

The price that exists when a market is in equilibrium. Equilibrium price is simultaneously equal to both the demand price and supply price and it is the price that equates the quantity demanded and quantity supplied. In a market graph, the equilibrium price is found at the intersection of the demand curve and the supply curve. Equilibrium price, also commonly referred to as the market-clearing price, is one of two equilibrium variables. The other is equilibrium quantity.

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