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Supply and demand

Index Supply and demand

In microeconomics, supply and demand is an economic model of price determination in a market. [1]

99 relations: Adam Smith, AD–AS model, Aggregate demand, Aggregate supply, Alfred Marshall, Antoine Augustin Cournot, Carl Menger, Cato Institute, Central bank, Ceteris paribus, Classical economics, Comparative statics, Complementary good, Consumer, Consumer choice, Data, David Ricardo, Deadweight loss, Demand curve, Econometrics, Economic equilibrium, Economic model, Economic rent, Economic surplus, Effect of taxes and subsidies on price, Effective demand, Elasticity (economics), Endogeneity (econometrics), Equality of outcome, Evan Hurwitz, Excess demand function, Exogeny, Externality, Fleeming Jenkin, Foundations of Economic Analysis, Function (mathematics), General equilibrium theory, George Stigler, Giffen good, Goods, Hans Albert, History of economic thought, Hubert Henderson, Ibn Taymiyyah, Income, Interest rate, Inverse demand function, James Steuart (economist), Joan Robinson, John Locke, ..., Karl Marx, Keynesian economics, Labour economics, Law of demand, Law of supply, Léon Walras, Macroeconomics, Marginal cost, Marginal utility, Market (economics), Market economy, Market entry strategy, Microeconomics, Monetary policy, Money market, Money supply, Neoclassical economics, On the Principles of Political Economy and Taxation, Opportunity cost, Parameter identification problem, Pareto efficiency, Paul Samuelson, Perfect competition, Physical capital, Piero Sraffa, Price discovery, Price level, Pricing, Principles of Economics (Marshall), Productivity, Rationing, Real gross domestic product, Reduced form, Social cost, Springer Science+Business Media, Staple food, Substitute good, Supply shock, System of linear equations, The Wealth of Nations, Thomas M. Humphrey, Tirukkuṛaḷ, Tshilidzi Marwala, Unit price, Veblen good, Wage, William Stanley Jevons, William Vickrey, Wolfram Demonstrations Project. Expand index (49 more) »

Adam Smith

Adam Smith (16 June 1723 NS (5 June 1723 OS) – 17 July 1790) was a Scottish economist, philosopher and author as well as a moral philosopher, a pioneer of political economy and a key figure during the Scottish Enlightenment era.

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AD–AS model

The AD–AS or aggregate demand–aggregate supply model is a macroeconomic model that explains price level and output through the relationship of aggregate demand and aggregate supply.

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Aggregate demand

In macroeconomics, aggregate demand (AD) or domestic final demand (DFD) is the total demand for final goods and services in an economy at a given time.

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Aggregate supply

In economics, aggregate supply (AS) or domestic final supply (DFS) is the total supply of goods and services that firms in a national economy plan on selling during a specific time period.

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Alfred Marshall

Alfred Marshall, FBA (26 July 1842 – 13 July 1924) was one of the most influential economists of his time.

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Antoine Augustin Cournot

Antoine Augustin Cournot (28 August 180131 March 1877) was a French philosopher and mathematician who also contributed to the development of economics theory.

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Carl Menger

Carl Menger (February 23, 1840 – February 26, 1921) was an Austrian economist and the founder of the Austrian School of economics.

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Cato Institute

The Cato Institute is an American libertarian think tank headquartered in Washington, D.C. It was founded as the Charles Koch Foundation in 1974 by Ed Crane, Murray Rothbard, and Charles Koch, chairman of the board and chief executive officer of the conglomerate Koch Industries.

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Central bank

A central bank, reserve bank, or monetary authority is an institution that manages a state's currency, money supply, and interest rates.

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Ceteris paribus

Ceteris paribus or caeteris paribus is a Latin phrase meaning "other things equal".

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Classical economics

Classical economics or classical political economy (also known as liberal economics) is a school of thought in economics that flourished, primarily in Britain, in the late 18th and early-to-mid 19th century.

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Comparative statics

In economics, comparative statics is the comparison of two different economic outcomes, before and after a change in some underlying exogenous parameter.

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Complementary good

In economics, a complementary good or complement is a good with a negative cross elasticity of demand, in contrast to a substitute good.

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Consumer

A consumer is a person or organization that use economic services or commodities.

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Consumer choice

The theory of consumer and choice is the branch of microeconomics that relates preferences to consumption expenditures and to consumer demand curves.

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Data

Data is a set of values of qualitative or quantitative variables.

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David Ricardo

David Ricardo (18 April 1772 – 11 September 1823) was a British political economist, one of the most influential of the classical economists along with Thomas Malthus, Adam Smith and James Mill.

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Deadweight loss

A deadweight loss, also known as excess burden or allocative inefficiency, is a loss of economic efficiency that can occur when equilibrium for a good or a service is not achieved.

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Demand curve

In economics, the demand curve is the graph depicting the relationship between the price of a certain commodity and the amount of it that consumers are willing and able to purchase at any given price.

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Econometrics

Econometrics is the application of statistical methods to economic data and is described as the branch of economics that aims to give empirical content to economic relations.

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Economic equilibrium

In economics, economic equilibrium is a state where economic forces such as supply and demand are balanced and in the absence of external influences the (equilibrium) values of economic variables will not change.

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Economic model

In economics, a model is a theoretical construct representing economic processes by a set of variables and a set of logical and/or quantitative relationships between them.

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Economic rent

In economics, economic rent is any payment to an owner or factor of production in excess of the costs needed to bring that factor into production.

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Economic surplus

In mainstream economics, economic surplus, also known as total welfare or Marshallian surplus (after Alfred Marshall), refers to two related quantities.

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Effect of taxes and subsidies on price

Taxes and subsidies change the price of goods and, as a result, the quantity consumed.

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Effective demand

In economics, effective demand (ED) in a market is the demand for a product or service which occurs when purchasers are constrained in a different market.

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Elasticity (economics)

In economics, elasticity is the measurement of how an economic variable responds to a change in another.

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Endogeneity (econometrics)

In econometrics, endogeneity broadly refers to situations in which an explanatory variable is correlated with the error term.

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Equality of outcome

Equality of outcome, equality of condition, or equality of results is a political concept which is central to some political ideologies and is used regularly in political discourse, often in contrast to the term equality of opportunity.

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Evan Hurwitz

Evan Hurwitz is a South African Information Engineer.

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Excess demand function

In microeconomics, an excess demand function is a function expressing excess demand for a product—the excess of quantity demanded over quantity supplied—in terms of the product's price and possibly other determinants.

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Exogeny

In a variety of contexts, exogeny or exogeneity is the fact of an action or object originating externally.

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Externality

In economics, an externality is the cost or benefit that affects a party who did not choose to incur that cost or benefit.

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Fleeming Jenkin

Prof Henry Charles Fleeming Jenkin FRS FRSE LLD (25 March 1833 – 12 June 1885) was Regius Professor of Engineering at the University of Edinburgh, remarkable for his versatility.

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Foundations of Economic Analysis

Foundations of Economic Analysis is a book by Paul A. Samuelson published in 1947 (Enlarged ed., 1983) by Harvard University Press.

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Function (mathematics)

In mathematics, a function was originally the idealization of how a varying quantity depends on another quantity.

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General equilibrium theory

In economics, general equilibrium theory attempts to explain the behavior of supply, demand, and prices in a whole economy with several or many interacting markets, by seeking to prove that the interaction of demand and supply will result in an overall general equilibrium.

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George Stigler

George Joseph Stigler (January 17, 1911 – December 1, 1991) was an American economist, the 1982 laureate in Nobel Memorial Prize in Economic Sciences and a key leader of the Chicago School of Economics.

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Giffen good

In economics and consumer theory, a Giffen good is a product that people consume more of as the price rises and vice versa—violating the basic law of demand in microeconomics.

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Goods

In economics, goods are materials that satisfy human wants and provide utility, for example, to a consumer making a purchase of a satisfying product.

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Hans Albert

Hans Albert (born 8 February 1921) is a German philosopher.

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History of economic thought

The history of economic thought deals with different thinkers and theories in the subject that became political economy and economics, from the ancient world to the present day in the 21st Century.

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Hubert Henderson

Sir Hubert Douglas Henderson (20 October 1890 – 22 February 1952), was a British economist and Liberal Party politician.

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Ibn Taymiyyah

Taqī ad-Dīn Ahmad ibn Taymiyyah (Arabic: تقي الدين أحمد ابن تيمية, January 22, 1263 - September 26, 1328), known as Ibn Taymiyyah for short, was a controversial medieval Sunni Muslim theologian, jurisconsult, logician, and reformer.

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Income

Income is the consumption and savings opportunity gained by an entity within a specified timeframe, which is generally expressed in monetary terms.

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Interest rate

An interest rate is the amount of interest due per period, as a proportion of the amount lent, deposited or borrowed (called the principal sum).

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Inverse demand function

In economics, an 'inverse demand function', P.

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James Steuart (economist)

Sir James Steuart, 3rd Baronet of Goodtrees and eventually 7th Baronet of Coltness; late in life Sir James Steuart Denham, also called Sir James Denham Steuart (8 October 1707, Edinburgh – 26 November 1780, Coltness, Lanarkshire) was a prominent Scottish Jacobite and author of "probably the first systematic treatise written in English about economics" and the first book in English with 'political economy' in the title.

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Joan Robinson

Joan Violet Robinson FBA (31 October 1903 – 5 August 1983), previously Joan Violet Maurice, was a British economist well known for her wide-ranging contributions to economic theory.

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John Locke

John Locke (29 August 1632 – 28 October 1704) was an English philosopher and physician, widely regarded as one of the most influential of Enlightenment thinkers and commonly known as the "Father of Liberalism".

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Karl Marx

Karl MarxThe name "Karl Heinrich Marx", used in various lexicons, is based on an error.

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Keynesian economics

Keynesian economics (sometimes called Keynesianism) are the various macroeconomic theories about how in the short run – and especially during recessions – economic output is strongly influenced by aggregate demand (total demand in the economy).

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Labour economics

Labour economics seeks to understand the functioning and dynamics of the markets for wage labour.

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Law of demand

In microeconomics, the law of demand states that, "conditional on all else being equal, as the price of a good increases (↑), quantity demanded decreases (↓); conversely, as the price of a good decreases (↓), quantity demanded increases (↑)".

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Law of supply

The law of supply is a fundamental principle of economic theory which states that, keeping other factors constant, an increase in price results in an increase in quantity supplied.

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Léon Walras

Marie-Esprit-Léon Walras (16 December 1834 – 5 January 1910) was a French mathematical economist and Georgist.

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Macroeconomics

Macroeconomics (from the Greek prefix makro- meaning "large" and economics) is a branch of economics dealing with the performance, structure, behavior, and decision-making of an economy as a whole.

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Marginal cost

In economics, marginal cost is the change in the opportunity cost that arises when the quantity produced is incremented by one unit, that is, it is the cost of producing one more unit of a good.

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Marginal utility

In economics, utility is the satisfaction or benefit derived by consuming a product; thus the marginal utility of a good or service is the change in the utility from an increase in the consumption of that good or service.

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Market (economics)

A market is one of the many varieties of systems, institutions, procedures, social relations and infrastructures whereby parties engage in exchange.

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Market economy

A market economy is an economic system in which the decisions regarding investment, production, and distribution are guided by the price signals created by the forces of supply and demand.

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Market entry strategy

A market entry strategy is the planned method of delivering goods or services to a new target market and distributing them there.

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Microeconomics

Microeconomics (from Greek prefix mikro- meaning "small") is a branch of economics that studies the behavior of individuals and firms in making decisions regarding the allocation of scarce resources and the interactions among these individuals and firms.

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Monetary policy

Monetary policy is the process by which the monetary authority of a country, typically the central bank or currency board, controls either the cost of very short-term borrowing or the monetary base, often targeting an inflation rate or interest rate to ensure price stability and general trust in the currency.

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Money market

As money became a commodity, the money market became a component of the financial markets for assets involved in short-term borrowing, lending, buying and selling with original maturities of one year or less.

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Money supply

In economics, the money supply (or money stock) is the total value of monetary assets available in an economy at a specific time.

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Neoclassical economics

Neoclassical economics is an approach to economics focusing on the determination of goods, outputs, and income distributions in markets through supply and demand.

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On the Principles of Political Economy and Taxation

On the Principles of Political Economy and Taxation (19 April 1817) is a book by David Ricardo on economics.

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Opportunity cost

In microeconomic theory, the opportunity cost, also known as alternative cost, is the value (not a benefit) of the choice in terms of the best alternative while making a decision.

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Parameter identification problem

In statistics and econometrics, the parameter identification problem is the inability in principle to identify a best estimate of the value(s) of one or more parameters in a regression.

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Pareto efficiency

Pareto efficiency or Pareto optimality is a state of allocation of resources from which it is impossible to reallocate so as to make any one individual or preference criterion better off without making at least one individual or preference criterion worse off.

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Paul Samuelson

Paul Anthony Samuelson (15 May 1915 – 13 December 2009) was an American economist and the first American to win the Nobel Memorial Prize in Economic Sciences.

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Perfect competition

In economics, specifically general equilibrium theory, a perfect market is defined by several idealizing conditions, collectively called perfect competition.

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Physical capital

In economics, physical capital or just capital is a factor of production (or input into the process of production), consisting of machinery, buildings, computers, and the like.

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Piero Sraffa

Piero Sraffa (5 August 1898 – 3 September 1983) was an influential Italian economist, who served as lecturer of economics at the University of Cambridge.

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Price discovery

The price discovery process (also called price discovery mechanism) is the process of determining the price of an asset in the marketplace through the interactions of buyers and sellers.

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Price level

The general price level is a hypothetical daily measure of overall prices for some set of goods and services (the consumer basket), in an economy or monetary union during a given interval (generally one day), normalized relative to some base set.

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Pricing

Pricing is the process whereby a business sets the price at which it will sell its products and services, and may be part of the business's marketing plan.

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Principles of Economics (Marshall)

Principles of Economics is a leading political economy or economics textbook of Alfred Marshall (1842–1924), first published in 1890.

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Productivity

Productivity describes various measures of the efficiency of production.

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Rationing

Rationing is the controlled distribution of scarce resources, goods, or services, or an artificial restriction of demand.

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Real gross domestic product

Real Gross Domestic Product (real GDP) is a macroeconomic measure of the value of economic output adjusted for price changes (i.e., inflation or deflation).

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Reduced form

In statistics, and particularly in econometrics, the reduced form of a system of equations is the result of solving the system for the endogenous variables.

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Social cost

Social cost in economics is the sum of the private costs resulting from a transaction and the costs imposed on the consumers as a consequence of being exposed to the md's transaction for which they are not compensated or charged.

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Springer Science+Business Media

Springer Science+Business Media or Springer, part of Springer Nature since 2015, is a global publishing company that publishes books, e-books and peer-reviewed journals in science, humanities, technical and medical (STM) publishing.

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Staple food

A staple food, or simply a staple, is a food that is eaten routinely and in such quantities that it constitutes a dominant portion of a standard diet for a given people, supplying a large fraction of energy needs and generally forming a significant proportion of the intake of other nutrients as well.

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Substitute good

A substitute good is one good that can be used instead of another.

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Supply shock

A supply shock is an event that suddenly increases or decreases the supply of a commodity or service, or of commodities and services in general.

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System of linear equations

In mathematics, a system of linear equations (or linear system) is a collection of two or more linear equations involving the same set of variables.

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The Wealth of Nations

An Inquiry into the Nature and Causes of the Wealth of Nations, generally referred to by its shortened title The Wealth of Nations, is the magnum opus of the Scottish economist and moral philosopher Adam Smith.

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Thomas M. Humphrey

Thomas MacGillivray Humphrey (born 1935) is an American economist.

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Tirukkuṛaḷ

The Tirukkural or Thirukkural (திருக்குறள், literally Sacred Verses), or shortly the Kural, is a classic Tamil text consisting of 1,330 couplets or Kurals, dealing with the everyday virtues of an individual.

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Tshilidzi Marwala

Tshilidzi Marwala (OMB) born 28 July 1971 in Venda, Transvaal, South Africa is currently the Vice-Chancellor and Principal of the University of Johannesburg.

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Unit price

Average prices represent, quite simply, total sales revenue divided by total units sold.

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Veblen good

Veblen goods are types of luxury goods for which the quantity demanded increases as the price increases, an apparent contradiction of the law of demand.

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Wage

A wage is monetary compensation (or remuneration, personnel expenses, labor) paid by an employer to an employee in exchange for work done.

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William Stanley Jevons

William Stanley Jevons FRS (1 September 1835 – 13 August 1882) was an English economist and logician.

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William Vickrey

William Spencer Vickrey (21 June 1914 – 11 October 1996) was a Canadian-born professor of economics and Nobel Laureate.

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Wolfram Demonstrations Project

The Wolfram Demonstrations Project is an organized, open-source collection of small (or medium-size) interactive programs called Demonstrations, which are meant to visually and interactively represent ideas from a range of fields.

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Demand and supply, Interrelated Demand, Interrelated Supply, Interrelated demand, Interrelated demand and supply, Interrelated supply, Law of supply and demand, Supply & Demand, Supply Curve, Supply Schedule, Supply and Demand, Supply demand curve, Supply demand model, Supply-and-demand, Suppy curve, Theory of supply and demand.

References

[1] https://en.wikipedia.org/wiki/Supply_and_demand

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