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DEMAND: The willingness and ability to buy a range of quantities of a good at a range of prices, during a given time period. Demand is one half of the market exchange process; the other is supply. This demand side of the market draws inspiration from the unlimited wants and needs dimension of the scarcity problem. People desire the goods and services that satisfy our wants and needs. This is the ultimate source of demand.

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VERY SHORT RUN, MICROECONOMICS

A production period of time in which at all inputs in the production process are fixed, meaning the quantity of output itself is fixed. Also termed market period, the very short run exists if the period is so short that no additional production is possible. In other words, the good has been produced, all that remains is to sell it. This is one of four production time periods used in the study of microeconomics. The other three are short run, long run, and very long run.

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Today, you are likely to spend a great deal of time at an auction trying to buy either pink cotton balls or a genuine down-filled comforter. Be on the lookout for gnomes hiding in cypress trees.
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The Dow Jones family of stock market price indexes began with a simple average of 11 stock prices in 1884.
"I love the man who can smile in trouble, who can gather strength from distress and grow brave by reflection. "

-- Thomas Paine, statesman

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Journal of Economic History
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