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INEFFICIENCY: When the economy is NOT obtaining the highest level of consumer satisfaction from the available resources. Inefficiency occurs if it is possible to reallocate resources in a way that would generate greater satisfaction.

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LAW OF DEMAND

The inverse relationship between demand price and the quantity demanded, assuming ceteris paribus factors are held constant. This fundamental economic principle indicates that a decrease the price of a commodity results in an increase in the quantity of the commodity that buyers are willing and able to purchase in a given period of time, if other factors are held constant. The law of demand is one of the most important principles found in the study of economics.

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BROWN PRAGMATOX
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Today, you are likely to spend a great deal of time wandering around the downtown area wanting to buy either a New York Yankees baseball cap or several magazines on home repairs. Be on the lookout for broken fingernail clippers.
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Much of the $15 million used by the United States to finance the Louisiana Purchase from France was borrowed from European banks.
"I was always looking outside myself for strength and confidence, but it comes from within. It is there all the time. "

-- Anna Freud, psychologist

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Average Propensity to Consume
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