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MARKET DEMAND: The total demand of every individual willing and able to buy a good. Market demand is found by combining the individual demands of everyone willing and able to buy a particular good. The market demand curve is found by horizontally adding all individual demand curves, that is, sum up the quantities demanded by all buyers at each and every price. Market demand operates according to the law of demand, as illustrated by a downward-sloping market demand curve. For higher prices the quantity demanded by all buyers in the market combined is less than the quantity demanded for lower prices.
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UTILITARIANISM A philosophical view that the value or worth of an action depends on the amount of pleasure it generates or the amount of pain it prevents, or in economic terms, the amount of utility generated. Utilitarianism, although dating back to the early Greek philosophers, is largely attributable to the work of Jeremy Bentham and John Stuart Mill. This philosophy played a major role in the development of modern consumer demand theory and utility analysis.
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GRAY SKITTERY
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Today, you are likely to spend a great deal of time wandering around the downtown area hoping to buy either a birthday gift for your uncle or a pair of red and purple designer socks. Be on the lookout for defective microphones.
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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.
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"Trust yourself. You know more than you think you do. " -- Benjamin Spock, doctor
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IBRD
International Bank for Reconstruction and Development
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