Outline of Economics
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In our eReader you can find the full English version of the book. Read Outline of Economics Online - link to read the book on full screen. Our eReader also allows you to upload and read Pdf, Txt, ePub and fb2 books. In the Mini eReder on the page below you can quickly view all pages of the book - Read Book Outline of Economics
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The demand of the individual varies with marginal utility and wealth and inversely with price.
Market demand : the sum of the individual demands affecting a given market.
The demand schedule : the series of different amounts demanded at different prices. Demand is elastic or not according as it varies much or little with price.
Supply : amount offered for sale at a given price.
Note distinction of supply and stock (i.e. total amount available for sale).
Supply schedule.
Competition in Exchange....
If necessary, buyers overbid one another, sellers under- bid one another.
Higgling of buyer and seller.
14 Perfect competition implies perfect intelligence, perfect information, perfect mobility and purely economic motives.
Note that in real life competition is never theoretically perfect.
Where most nearly so ?
Competition may be replaced, more or less completely, by custom or combination.
Law of Market Price.
The market price will be that which equalizes supply and demand.
Case I. Demand fixed, supply variable.
What to read after Outline of Economics?
You can find similar books in the "Read Also" column, or choose other free books by Emily Greene Balch to read onlineMoreLess
To quickly assess the difficulty of the text, read a short excerpt:
The demand of the individual varies with marginal utility and wealth and inversely with price.
Market demand : the sum of the individual demands affecting a given market.
The demand schedule : the series of different amounts demanded at different prices. Demand is elastic or not according as it varies much or little with price.
Supply : amount offered for sale at a given price.
Note distinction of supply and stock (i.e. total amount available for sale).
Supply schedule.
Competition in Exchange....
If necessary, buyers overbid one another, sellers under- bid one another.
Higgling of buyer and seller.
14 Perfect competition implies perfect intelligence, perfect information, perfect mobility and purely economic motives.
Note that in real life competition is never theoretically perfect.
Where most nearly so ?
Competition may be replaced, more or less completely, by custom or combination.
Law of Market Price.
The market price will be that which equalizes supply and demand.
Case I. Demand fixed, supply variable.
What to read after Outline of Economics?
You can find similar books in the "Read Also" column, or choose other free books by Emily Greene Balch to read onlineMoreLess
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