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EXCESS DEMAND: A disequilibrium condition in a competitive market in which the quantity demanded is greater than the quantity supplied, hence there's "extra" demand. Pointy-headed economists generally use the more technical term shortage rather than excess demand. The reason, of course, is that shortage has two syllables and excess demand has four. The time saved in pronouncing two syllables rather than four is a definite efficiency plus for the entire economy.
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DISMAL SCIENCE A term for the study of economics developed during the late 18th and early 19th century when economists concluded that continued population growth would push wages and living standards to a minimal subsistence level and keep them there. It persists to the present time because economics continue to point out that actions result in opportunity cost, that nothing is free, and that eventually society has to pay the price for what it does.
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PURPLE SMARPHIN
[What's This?]
Today, you are likely to spend a great deal of time searching for rummage sales seeking to buy either a looseleaf notebook binder or hand lotion, a big bottle of hand lotion. Be on the lookout for crowded shopping malls.
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Ragnar Frisch and Jan Tinbergen were the 1st Nobel Prize winners in Economics in 1969.
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"Confidence . . . thrives on honesty, on honor, on the sacredness of obligations, on faithful protection and on unselfish performance. Without them it cannot live." -- President Franklin Delano Roosevelt
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TC
Total Cost
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