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SAY'S LAW: A classical economic proposition stating that the production of aggregate output creates sufficient aggregate demand to purchase all of the output produced. In other words, supply creates its own demand. This is one of the three assumptions underlying the macroeconomic theory of classical economics which concluded that unrestricted market activity would generate full employment. The other two assumptions are flexible prices and saving-investment equality. Say's law is closely associated with the circular flow model.
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YELLOW CHIPPEROON
Your compete MICRO*scope for today
You are the type of person who has an extensive collection of happy face buttons, stickers, T-shirts, and magnets... all acquired through the sacred act of shopping. Family and friends think that you are the happiest person they know, which you are. Today, you are likely to spend a great deal of time searching the newspaper want ads trying to buy either a rechargeable battery for your cell phone or a T-shirt commemorating the 2000 Olympics. Be on the lookout for door-to-door salesmen. You should consider shopping at stores or businesses beginning with the letter X, but do not buy any products with a serial number or product code containing the number 037719. Your preferred shopping venue is shopping malls. Your special symbol is the asterisk (*).
Is this You?
As a Yellow Chipperoon, you are happy, happy, happy. You enjoy everything about life and about shopping. You love shopping. You love buying. You love spending. You love to compare products and prices. You love the crowds. You love chatting with the store clerks. You love every bit of the buying process. Nothing dissuades you from having a good time shopping, whether you're buying a box of facial tissues or a new house. Does it get any better than spending an afternoon at the shopping mall? No way!
This isn't me! What am I?
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PERFECT COMPETITION An ideal market structure characterized by a large number of small firms, identical products sold by all firms, freedom of entry into and exit out of the industry, and perfect knowledge of prices and technology. This is one of four basic market structures. The other three are monopoly, oligopoly, and monopolistic competition. Perfect competition is an idealized market structure that is not observed in the real world. While unrealistic, it does provide an excellent benchmark that can be used to analyze real world market structures. In particular, perfect competition efficiently allocates resources.
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A Brief Introduction To Get You StartedThrough undaunted determination, sheer luck, or a missed turnpike exit, you have happened upon A Pedestrian's Guide to the Economy. You'll find hours of reading pleasure contained within this site, with more entertainment value per calorie than most office memos. A Pedestrian's Guide to the Economy, however, is more than a recreational web site. As a handy reference source, it provides answers to many of the most asked, a few of the least asked, and some of the never asked questions about the economy.
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More money is spent on gardening than on any other hobby.
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"Those who are blessed with the most talent don't necessarily outperform everyone else. It's the people with follow-through who excel. " -- Mary Kay Ash, May Kay Cosmetics founder
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AAO
Authorized Acquisition Objective
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