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Casson’s

? Stanley Jevons tried to explain price by focusing on the value people derived from consuming different goods and services

? A person deprived of water in the desert will be dead in a matter of hours, and yet water from a municipal system sells for a tiny fraction of a penny per litre

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Change in demand – a shift of the entire demand curve

Change in quantity demanded – a movement along the demand curve that occurs in response to a change in price

Change in quantity supplied – a movement along the supply curve that occurs in response to a change in price

Change in supply – a shift of the entire supply curve

Complements – two goods are complements in consumption if an increase in the price of one causes a leftward shift in the demand curve for the other

Demand curve – a curve or schedule showing the total quantity of a good that buyers want to buy at each price

Economic efficiency – condition that occurs when all goods and services are produced and consumed at their respective socially optimal levels

Efficient quantity – the efficient quantity of a good is the quantity that results in the maximum possible economic surplus from producing and consuming the good

Equilibrium – a stable, balanced, or unchanging situation in which all forces at work within a system are cancelled by others

Equilibrium price/quantity – the price and quantity of a good at the intersection of the supply and demand curves for the good

Excess demand, or shortage – the difference between the quantity supplied and the quantity demanded when the price of a good lies below the equilibrium price; buyers are dissatisfied when there is excess demand

Excess supply, or surplus – the difference between the quantity supplied and the quantity demanded when the price of a good exceeds the equilibrium price; sellers are dissatisfied when there is excess supply

Foreign exchange rate – the price of one unit of a country’s currency in terms of another country’s currency...

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