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BUYERS' INCOME, DEMAND DETERMINANT: The income that buyers have available to purchase a good, which is assumed constant when a demand curve is constructed. Buyers' income is one of five demand determinants that shift the demand curve when they change. The other four are buyers' preferences, other prices, buyers' expectations, and number of buyers.
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VALUE IN EXCHANGE The ability to trade an item or asset, especially money, for other goods and services that can then be used to satisfy wants and needs. Value in exchange means that value (that is, satisfaction) is obtained indirectly through the acquisition of something else. For an item to have value in exchange it need NOT have value in use, value obtained directly from the consumption of a good or service.
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BLUE PLACIDOLA
[What's This?]
Today, you are likely to spend a great deal of time at a garage sale seeking to buy either a case for your designer sunglasses or arch supports for your shoes. Be on the lookout for small children selling products door-to-door.
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Mark Twain said "I wonder how much it would take to buy soap buble if there was only one in the world."
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"Failure will never overtake me if my determination to succeed is strong enough." -- Og Mandino, Author and Speaker
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JET
Journal of Economic Theory
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