Pencil lead is not really "lead".
The efforts and knowledge of millions of people are brought together automatically, without force or a "master planner," in exactly the right way needed to produce pencils.
The efforts and knowledge of one "master planner" is brought together, with force in exactly the right way needed to produce pencils.
People work for their pay.
What should be produced?
How should it be produced?
Who produces it?
Who gets to consume what is produced?
Labor union disagreements with the management.
The process by which an economy divides the production of a certain good or service into unrelated groups of large tasks, with each worker focusing on a limited part of the overall process.
An honor system which isn't a practical solution for a storehouse.
The process by which an economy divides the production of a certain good or service into a related group of smaller tasks, with each worker focusing on a limited part of the overall process.
Specializing in a certain job allows workers with different characteristics to focus on the tastes of employers, so they they have an advantage in personality connection .
Workers who specialize typically become more productive with learning, practice, and innovation.
Specialization allows taking advantage of economies of scale; that is, the situation in which a larger firm can produce at a lower average cost of production than a smaller firm, at least up to some level of output.
Specializing in a certain job allows workers with different characteristics to focus on the types of production in which they have an advantage.
He wrote "The High Lord of the Marketplace".
He advocated price ceilings.
He is considered the "Father of Economics".
He wrote the "Wealth of Nations".
How much quantity demanded or supplied changes in response to change in price.
The equilibrium price where quantity demanded is equal to quantity supplied.
A response to changes in the short run.
When the percent change in quantity equals the percentage of change in price.
When the government gives income or housing vouchers to the poor.
When the government sets a price ceiling lower than the equilibrium price would have been.
When quantity supplied exceeds the quantity demanded.
Wehn quantity demanded is greater than quantity supplied.
Feelings and emotions
We are the only country in the world that has one.
It is not in the Constitution.
Congress is once again debating whether to raise it; this is one of the reasons for the "government shutdown."
It is a legal limitation on how much the government can borrow to pay debts to which it has already committed.
It has helped Congress spend less since it has been in place.
We know excactly what will happen on Thursday if it is not raised.