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BUYERS' MARKET: A disequilibrium condition in a competitive market that has a surplus, such that buyers are able to force the price down. Note that a buyers' market does not mean that a lack of competition among demanders have given buyers market control. A buyers' market is a competitive market that simply has a temporary imbalance between the quantity demanded by the buyers and the quantity supplied by the sellers. The buyers' market phrase is commonly used (mainly by real world noneconomist types) to describe a surplus in real estate or housing markets. It's also commonly used when describing assorted financial markets. You might want to examine the opposite of a buyers' market, which is a sellers' market. Additional information on the real estate market can be found in the entry on building cycle.
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UTILITY The satisfaction of wants and needs obtained from the use or consumption of goods and services. The terms utility and satisfaction are, for the most part, used interchangeably in economics. The concept of utility is integral to utility analysis, consumer demand theory, and the microeconomic analysis of consumer behavior and market demand.
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PURPLE SMARPHIN
[What's This?]
Today, you are likely to spend a great deal of time flipping through mail order catalogs hoping to buy either a coffee cup commemorating yesterday or a replacement remote control for your television. Be on the lookout for slightly overweight pizza delivery guys.
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This isn't me! What am I?
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John Maynard Keynes was born the same year Karl Marx died.
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"I much prefer the sharpest criticism of a single intelligent man to the thoughtless approval of the masses." -- Johannes Kepler, German Astronomer
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CES
Constant Elasticity of Substitution
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