Economics

Scale of economies = the size of the economies - i.e how big the economies/savings are.

Economies of scale = those economies that come as a result of the organization being big (as opposed to the same costs of in organization which is smaller)

Equilibrium is

* a stable situation in which forces cancel one another

* chemical equilibrium: a chemical reaction and its reverse proceed at equal rates

* balance: equality of distribution

* a sensory system located in structures of the inner ear that registers the orientation of the head

A market supply schedule is a chart that list how much of a good all suppliers will offer at different prices.

business cycles

Import restrictions may increase or decrease the prices of commodities. Import restriction implies the unavailability of best supply or product in the market, resulting in second best product to mount sales. This can acquire higher prices under restricted supplies.

On the other hand, restricted supplies will promote domestic producers to enter the market. Hence resulting in the more domestic competition, leading to reduced prices.

Considering the technological aspect, import restriction will cause in lag in technology. Hence using out dated technology may actually increase the prices.

Gradpoint: they cause prices to rise

Yes, but the exact way you would count that money depends on the method of GDP calculation that you use.

Either the price drops until the consumers are prepared to buy more, or supplier are left holding surplus stocks until replacement purchases clear these inventories.

No manufactured good is truly non-perishable, and so will eventually require replacement.

At that rate, each baker is baking 1 cake per hour. So the 12 bakers then can make 12 cakes.

it decreases bc consumers find a substitute product

25 percent

Imperfect Compitition

If demand is elastic at the current price, the company knows that an increase in price would reduce total revenues.

A number of things will prompt efficient resource allocation in a well-functioning market system. The quantity and the price of the commodities are the main aspects.

saws and drills

lowering the costs of production of a good (novanet)

A unitary-elastic supply indicates a good with a supply-price elasticity of one, which means that a 1% change in price increases supply by 1%.

School Buss Pass

It lowers cost and increases supply.

Because it can hire workers quickly if the price rises.

There is two types of increase for supply.

1) Movement along the demand curve (upwards or downwards) which is subjected to the shifting of the demand curve

2) Shift of the supply curve.

For the first case, the supply curve does not shift but there is increased production to meet the new market demand. Supply will increase as there is a upward movement along the supply curve, and until the new market equilibrium is achieved.

For the second case, Supply shifts right and hence the upward movement along the demand curve.

raise prices

Yes. Equilibrium is created at the intersection of the Demand curve and Supply Curve. Equilibrium can be shifted if the Demand curve increases or decreases, and the same happens when the Supply curve increases or decreases. Without demand, you would just have a Supply curve.

it means that the market is stable

GDP

real GDP

Advantage Rent a Car was created in 1963.

falling of the stock market

If a consumer is waiting to buy a sweater he or she found at a department store until after the holiday season, which factor is most likely influencing the decision to wait?

A worker’s truck breaks down more often after 80,000 miles of driving.