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CHANGE IN SUPPLY: A shift of the supply curve caused by a change in one of the supply determinants. In essence, a change in supply is caused by any factor affecting supply EXCEPT price. This concept should be contrasted directly with a change in quantity supplied. You should also review the terms change in quantity demanded and change in demand, too. A change in supply is a change in ALL supply price-quantity supplied pairs, meaning that each price is matched up with a different quantity (which is illustrated as a shift of the supply curve). And this change in supply is caused by a change in any of the supply determinants. In contrast, a change in quantity supplied is a change from one price-quantity pair to the another (which is illustrated as a movement along a given supply curve).
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SEVEN ECONOMIC RULES A set of seven fundamental notions that reflect the study of economics and how the economy operates. They are: (1) scarcity, (2) subjectivity, (3) inequality, (4) competition, (5) imperfection, (6) ignorance, and (7) complexity.
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PURPLE SMARPHIN
[What's This?]
Today, you are likely to spend a great deal of time touring the new suburban shopping complex trying to buy either a small palm tree that will fit on your coffee table or several magazines on fashion design. Be on the lookout for attractive cable television service repair people.
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This isn't me! What am I?
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In 1914, Ford paid workers who were age 22 or older $5 per day -- double the average wage offered by other car factories.
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"In a time of drastic change, it is the learners who inherit the future. " -- Eric Hoffer, philosopher
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MMSE
Minimun Mean Square Error
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