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BUYERS' EXPECTATIONS: One of the five demand determinants assumed constant when a demand curve is constructed, and that shift the demand curve when they change. The other four are income, preferences, other prices, and number of buyers. If buyers expect the future price will be greater, then they're likely to buy more today, to avoid the higher future price. Alternatively, if buyers expect a lower future price, then they're likely to buy less today, awaiting the lower price. A higher future price induces an increase in demand and a lower future price induces a decrease in demand.
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MARKET ADJUSTMENT The economic analysis of changes in market equilibrium caused by changes in any of the five demand determinants and/or the five supply determinants. Market adjustment comes in one of eight varieties, given that the two curves comprising the market (demand curve and supply curve) can either increase or decrease, individually or simultaneously. Four adjustments involve a shift of EITHER the demand curve OR the supply curve. The other four adjustments involve shifts of BOTH the demand curve AND the supply curve.
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BLUE PLACIDOLA
[What's This?]
Today, you are likely to spend a great deal of time surfing the Internet hoping to buy either a lazy Susan for you dining room table or a set of serrated steak knives, with durable plastic handles. Be on the lookout for door-to-door salesmen.
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John Maynard Keynes was born the same year Karl Marx died.
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"Difficulty is the excuse history never accepts. " -- Edward R. Murrow, News broadcaster
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ECU
European Currency Unit
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