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SATISFACTION: The process of successfully fulfilling wants and needs. A basic fact of life is that people want and need stuff to stay alive and to make that life more enjoyable. Satisfaction is the economic term that captures this wants-and-needs-fulfilling process. Satisfying wants and needs is actually the ultimate goal of economic activity, the end result of addressing the fundamental problem of scarcity, and, when you get right down to it, life itself.
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GRAY SKITTERY
Your compete MICRO*scope for today
You are the type of person who tends to bounce around from job to job, friend to friend, and activity to activity, never spending too much time or energy doing any one thing. Family and friends never let you place the order at a fast-food drive through lane, because there are just too many options and they're hungry. Today, you are likely to spend a great deal of time watching the shopping channel looking to buy either a three-hole paper punch or decorative picture frames. Be on the lookout for door-to-door salesmen. You should consider shopping at stores or businesses beginning with the letter D, but do not buy any products with a serial number or product code containing the number 267185. Your preferred shopping venue is mail order catalogs. Your special symbol is the question mark (?).
Is this You?
As a Gray Skittery, you are ambivalent, indecisive, and uncertain. You are in a constant struggle between the forces of demand and supply, production and consumption, good and evil... and you're losing the battle. You have trouble making decisions and choosing from among the seemingly infinite number of options that you perpetually face. Your shopping experiences are inevitably confusing.
This isn't me! What am I?
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AVERAGE FACTOR COST CURVE A curve that graphically represents the relation between average factor cost incurred by a firm for employing an input and the quantity of input used. Because average factor cost is essentially the price of the input, the average factor cost curve is also the supply curve for the input. The average factor cost curve for a firm with no market control is horizontal. The average revenue curve for a firm with market control is positively sloped.
Complete Entry | Visit the WEB*pedia |
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Shopping Around For RETAIL PRICESIt's time for another one of our frequent stops at Mr. Market Super Food Discount Store, this time to check out the story behind retail prices. As consumers, we spend a large fraction of our nonworking, nonsleeping lives wandering grocery stores aisles, searching clothing store racks, and surveying department store displays for the right product at the right price. How do we know, like the name of the long-running game show, if "The Price is Right?" How are retail prices set and do they really tell us the value of a product?
Tell me more...
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The portion of aggregate output U.S. citizens pay in taxes (30%) is less than the other six leading industrialized nations -- Britain, Canada, France, Germany, Italy, or Japan.
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"Give the American people a good cause, and there's nothing they can't lick. " -- John Wayne, actor
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APR
Annual Percentage Rate
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