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FARM PROBLEM: The short-run situation in which weather variability creates large fluctuations in farm prices, combined with the long-run situation in which technological advances increase production capabilities even though the demand for agricultural production declines relative to the growth of the overall economy. Taken together these two situations lead to highly unstable farm incomes that tend to decline over time. The solution to this problem has been significant government intervention in the agricultural industry, especially through assorted subsidies and price floors.
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QUANTITY DEMANDED The specific quantity of a good that buyers are willing and able to buy at a specific demand price. The key word is "specific." Quantity demanded and demand price form matched pairs--one quantity, one price. The combination of all price-quantity pairs is then what constitutes demand. The demand curve is a plot of the quantity demanded at each demand price.
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PINK FADFLY
[What's This?]
Today, you are likely to spend a great deal of time wandering around the shopping mall seeking to buy either a pair of gray heavy duty boot socks or a 50-foot blue garden hose. Be on the lookout for slow moving vehicles with darkened windows.
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A half gallon milk jug holds about $50 in pennies.
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"He who has begun has half done. Dare to be wise ‚ begin! " -- Horace, poet, satirist
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FV
Face Value
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