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BUYERS' EXPECTATIONS: One of the five demand determinants assumed constant when a demand curve is constructed, and that shift the demand curve when they change. The other four are income, preferences, other prices, and number of buyers. If buyers expect the future price will be greater, then they're likely to buy more today, to avoid the higher future price. Alternatively, if buyers expect a lower future price, then they're likely to buy less today, awaiting the lower price. A higher future price induces an increase in demand and a lower future price induces a decrease in demand.
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SCARCE A condition in which a given good or resource is limited relative to its desired uses. This is a special condition of the general condition of scarcity. A scarce good or resource is typically exchanged through markets and carries a positive price.
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GREEN LOGIGUIN
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Today, you are likely to spend a great deal of time visiting every yard sale in a 30-mile radius trying to buy either storage boxes for your computer software CDs or a set of tires. Be on the lookout for strangers with large satchels of used undergarments.
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A communal society, a prime component of Karl Marx's communist philosophy, was advocated by the Greek philosophy Plato.
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"He who has begun has half done. Dare to be wise ‚ begin! " -- Horace, poet, satirist
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MR
Marginal Revenue
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