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In economics, a necessity good or a necessary good is a type of normal good. Necessity goods are product(s) and services that consumers will buy regardless of the changes in their income levels, therefore making these products less sensitive to income change. [ 1 ]
Economics focuses on the study of economic goods, i.e. goods that are scarce; in other words, producing the good requires expending effort or resources. Economic goods contrast with free goods such as air, for which there is an unlimited supply.
A supply is a good or service that producers are willing to provide. The law of supply determines the quantity of supply at a given price. [5]The law of supply and demand states that, for a given product, if the quantity demanded exceeds the quantity supplied, then the price increases, which decreases the demand (law of demand) and increases the supply (law of supply)—and vice versa—until ...
Quizlet's primary products include digital flash cards, matching games, practice electronic assessments, and live quizzes. In 2017, 1 in 2 high school students used Quizlet. [4] As of December 2021, Quizlet has over 500 million user-generated flashcard sets and more than 60 million active users. [5]
To derive MC the first derivative of the total cost function is taken. For example, assume cost, C, equals 420 + 60Q + Q 2. Then MC = 60 + 2Q. Equating MR to MC and solving for Q gives Q = 20. So 20 is the profit maximizing quantity: to find the profit-maximizing price simply plug the value of Q into the inverse demand equation and solve for P.
Consumer sovereignty is defined in the Macmillan dictionary of modern economics as: [7] The idea that the consumer is the best judge of his or her own welfare. This assumption underlies the theory of consumer behaviour and through it the bulk of economic analysis including the most widely accepted optimum in welfare economics, the Pareto optimum.
James Stuart (1767) authored the first book in English with 'political economy' in its title, explaining it just as: . Economy in general [is] the art of providing for all the wants of a family, so the science of political economy seeks to secure a certain fund of subsistence for all the inhabitants, to obviate every circumstance which may render it precarious; to provide everything necessary ...
the quantity of labour time socially necessary to produce the appropriate amount of the product, i.e. the amount of a product which at the production price meets the effective demand for it—this quantity defines the correspondence between the total quantity of the commodity produced as use-values and the effective demand for those use-values.