|
Scarcity Value
Scarcity value is an economic factor describing the increase in an item's relative price by a low supply. Whereas the prices of newly manufactured products depends mostly on the ''cost of production'' (the cost of inputs used to produce them, which in turn reflects the scarcity of the inputs), the prices of many goods—such as antiques, rare stamps, and those raw materials in high demand—reflects the scarcity of the products themselves. In terms of partial-equilibrium supply and demand, the markets where prices are "cost-determined" have a supply curve that is very elastic or even horizontal, so that an increase in demand raises the quantity of production much more than the price. The price mostly reflects the scarcity of the inputs but not that of the product. On the other hand, those items with scarcity value have inelastic or even vertical supply curves, so that an increase in the demand for the product mostly increases the price and not the quantity supplied. The seller of ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Economic
An economy is an area of the Production (economics), production, Distribution (economics), distribution and trade, as well as Consumption (economics), consumption of Goods (economics), goods and Service (economics), services. In general, it is defined as a social domain that emphasize the practices, discourses, and material expressions associated with the production, use, and management of scarcity, scarce resources'. A given economy is a set of processes that involves its culture, values, education, technological evolution, history, social organization, political structure, legal systems, and natural resources as main factors. These factors give context, content, and set the conditions and parameters in which an economy functions. In other words, the economic domain is a social domain of interrelated human practices and transactions that does not stand alone. Economic agents can be individuals, businesses, organizations, or governments. Economic transactions occur when two grou ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Price
A price is the (usually not negative) quantity of payment or compensation given by one party to another in return for goods or services. In some situations, the price of production has a different name. If the product is a "good" in the commercial exchange, the payment for this product will likely be called its "price". However, if the product is "service", there will be other possible names for this product's name. For example, the graph on the bottom will show some situations A good's price is influenced by production costs, supply of the desired item, and demand for the product. A price may be determined by a monopolist or may be imposed on the firm by market conditions. Price can be quoted to currency, quantities of goods or vouchers. * In modern economies, prices are generally expressed in units of some form of currency. (More specifically, for raw materials they are expressed as currency per unit weight, e.g. euros per kilogram or Rands per KG.) * Although prices ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Supply And Demand
In microeconomics, supply and demand is an economic model of price determination in a Market (economics), market. It postulates that, Ceteris paribus, holding all else equal, in a perfect competition, competitive market, the unit price for a particular Good (economics), good, or other traded item such as Labour supply, labor or Market liquidity, liquid financial assets, will vary until it settles at a point where the quantity demanded (at the current price) will equal the quantity supplied (at the current price), resulting in an economic equilibrium for price and quantity transacted. The concept of supply and demand forms the theoretical basis of modern economics. In macroeconomics, as well, the AD–AS model, aggregate demand-aggregate supply model has been used to depict how the quantity of real GDP, total output and the aggregate price level may be determined in equilibrium. Graphical representations Supply schedule A supply schedule, depicted graphically as a supply cu ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Partial Equilibrium
In economics, partial equilibrium is a condition of economic equilibrium which analyzes only a single market, ''ceteris paribus'' (everything else remaining constant) except for the one change at a time being analyzed. In general equilibrium analysis, on the other hand, the prices and quantities of all markets in the economy are considered simultaneously, including feedback effects from one to another, though the assumption of ceteris paribus is maintained with respect to such things as constancy of tastes and technology. Mas-Colell, Whinston & Green's widely used graduate textbook says, "Partial equilibrium models of markets, or of systems of related markets, determine prices, profits, productions, and the other variables of interest adhering to the assumption that there are no feedback effects from these endogenous magnitudes to the underlying demand or cost curves that are specified in advance." General equilibrium analysis, in contrast, begins with tastes, endowments, and te ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Economic Rent
In economics, economic rent is any payment (in the context of a market transaction) to the owner of a factor of production in excess of the cost needed to bring that factor into production. In classical economics, economic rent is any payment made (including imputed value) or benefit received for non-produced inputs such as location (land) and for assets formed by creating official privilege over natural opportunities (e.g., patents). In the moral economy of neoclassical economics, economic rent includes income gained by labor or state beneficiaries of other "contrived" (assuming the market is natural, and does not come about by state and social contrivance) exclusivity, such as labor guilds and unofficial corruption. Overview In the moral economy of the economics tradition broadly, economic rent is opposed to producer surplus, or normal profit, both of which are theorized to involve productive human action. Economic rent is also independent of opportunity cost, unlike ec ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Producer's Surplus
In mainstream economics, economic surplus, also known as total welfare or total social welfare or Marshallian surplus (after Alfred Marshall), is either of two related quantities: * Consumer surplus, or consumers' surplus, is the monetary gain obtained by consumers because they are able to purchase a product for a price that is less than the highest price that they would be willing to pay. * Producer surplus, or producers' surplus, is the amount that producers benefit by selling at a market price that is higher than the least that they would be willing to sell for; this is roughly equal to profit (since producers are not normally willing to sell at a loss and are normally indifferent to selling at a break-even price). Overview In the mid-19th century, engineer Jules Dupuit first propounded the concept of economic surplus, but it was the economist Alfred Marshall who gave the concept its fame in the field of economics. On a standard supply and demand diagram, consumer surpl ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bluefin Tuna
Bluefin tuna is a common name used to refer to several species of tuna of the genus ''Thunnus ''Thunnus'' is a genus of ocean-dwelling, ray-finned bony fish from the mackerel family, Scombridae. More specifically, ''Thunnus'' is one of five genera which make up the tribe Thunnini – a tribe that is collectively known as the tunas. ...''. {{Animal common name Commercial fish Thunnus Fish common names ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Mark Twain
Samuel Langhorne Clemens (November 30, 1835 – April 21, 1910), known by his pen name Mark Twain, was an American writer, humorist, entrepreneur, publisher, and lecturer. He was praised as the "greatest humorist the United States has produced", and William Faulkner called him "the father of American literature". His novels include ''The Adventures of Tom Sawyer'' (1876) and its sequel, ''Adventures of Huckleberry Finn'' (1884), the latter of which has often been called the " Great American Novel". Twain also wrote ''A Connecticut Yankee in King Arthur's Court'' (1889) and '' Pudd'nhead Wilson'' (1894), and co-wrote The Gilded Age: A Tale of Today (1873) with Charles Dudley Warner. Twain was raised in Hannibal, Missouri, which later provided the setting for ''Tom Sawyer'' and ''Huckleberry Finn''. He served an apprenticeship with a printer and then worked as a typesetter, contributing articles to the newspaper of his older brother Orion Clemens. He later became a river ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Tom Sawyer
Thomas Sawyer () is the titular character of the Mark Twain novel ''The Adventures of Tom Sawyer'' (1876). He appears in three other novels by Twain: ''Adventures of Huckleberry Finn'' (1884), ''Tom Sawyer Abroad'' (1894), and ''Tom Sawyer, Detective'' (1896). Sawyer also appears in at least three unfinished Twain works, ''Huck and Tom Among the Indians'', ''Schoolhouse Hill'', and ''Tom Sawyer's Conspiracy''. While all three uncompleted works were posthumously published, only ''Tom Sawyer's Conspiracy'' has a complete plot, as Twain abandoned the other two works after finishing only a few chapters. It is set in the 1840s in the Mississippi. Inspiration The fictional character's name may have been derived from a jolly and flamboyant chief named Tom Sawyer, with whom Twain was acquainted in San Francisco, California, while Twain was employed as a reporter at ''The San Francisco Call''. Twain used to listen to Sawyer tell stories of his youth, " Sam, he would listen to these prank ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Snob Effect
The snob effect is a phenomenon described in microeconomics as a situation where the demand for a certain good by individuals of a higher income level is inversely related to its demand by those of a lower income level. The "snob effect" contrasts most other microeconomic models, in that the demand curve can have a positive slope, rather than the typical negatively sloped demand curve of normal goods. This situation is derived by the desire to own unusual, expensive or unique goods. For consumers who want to use exclusive products, price ''is'' quality. These goods usually have a high economic value, but low practical value. The less of an item available, the higher its snob value. Examples of such items with general snob value are rare works of art, designer clothing, and sports cars. The snob effect in the consumption of luxury goods. Ergin Uzgoren, Taner Guney. Procedia - Social and Behavioral Sciences 62 ( 2012 ) 628 – 637 In all these cases, one can debate whether they me ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
_per_capita_in_2020.png "Click for more on -> Economic")
