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SECOND RULE OF SUBJECTIVITY: The second of seven basic rules of the economy. It is the notion that market prices are ultimately determined by subjective values and preferences of buyers and resource owners. While regular, everyday consumers are prone to accept the prices "set" by retail stores and other sellers as etched in stone (perhaps along with the Biblical ten commandments), such is not the case. The price of a product depends on two things, demand (especially the demand price that buyers are willing to pay) and supply (especially the supply price that sellers are willing to accept). Both, I repeat both, are subjectively determined. By subjective, I mean they are based on the values, beliefs, tastes, and preferences of people.
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DISINFLATION A decline in the inflation rate. With disinflation, prices continue rising, just not as fast. Numerically speaking, disinflation occurs if the inflation rate over three consecutive years is 10 percent, 6 percent this year, and 4 percent. Disinflation, a reduction in the inflation rate, is not the same as deflation, which is an actual decline in the price level. Should disinflation continue, presumably due to anti-inflationary monetary or fiscal policies, then the average price level might eventually decline, making the transition from disinflation to deflation.
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BEIGE MUNDORTLE
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Today, you are likely to spend a great deal of time flipping through the yellow pages seeking to buy either a how-to book on surfing the Internet or a computer that can play music and burn CDs. Be on the lookout for florescent light bulbs that hum folk songs from the sixties.
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The 1909 Lincoln penny was the first U.S. coin with the likeness of a U.S. President.
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"Intense concentration hour after hour can bring out resources in people they didn't know they had. " -- Edwin Land, inventor, entrepreneur
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QP
Quoted Price
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