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By P . R. G . Layard & A. A. Walters

ISBN-10: 0070367868

ISBN-13: 9780070367869

Microeconomía 2 - Universidad Nacional del Centro del consistent withú - Marco Arroyo

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One such non-income source of money is government subsidies, technically referred to as transfer payments, such as old-age benefits, unemployment and other relief, bonuses, etc. ) Transfers typically go to people who, for one reason or another, are not working or whose incomes the government wishes to supplement. On the other hand, transfer payments are financed by taxation of the income of the rest of the community. Since these governmental transfers do not derive from the recipient's own income earnings, it must be referred to as a non-income source of purchasing power.

Thus, while one may "want" pie in the sky, scarcity requires that one's "demand" be tailored to one's purchasing power. Such purchasing power typically depends on income earned, although it may also be supplemented by one's own accumulated savings, or by borrowing, or by sale of one's wealth assets, such as a car or house. Also note that demand is exercised not only by "consumers" but also by firms as producers. ) to be used in production. The latter type of demand reflects the fact that some people—indeed, only a relative few—enter into the production process as heads of firms and 27 "entrepreneurs" rather than as employees, albeit a riskier way of,earning income.

Nevertheless, despite these uncertainties, firms must somehow decide how much to supply and what prices to ask. Only the final showdown between suppliers and demanders in the marketplace determines whether firms will have guessed right or wrong, and, therefore, whether they will earn profits or incur losses. 29 In the last resort, if a firm guesses wrong as to quantity and price, i t will have to adjust to its disappointment. I t could slash i t s prices in order to move unsold goods. If i t becomes pessimistic about the state of demand—believing that i t s disappointing sales are not merely temporary—it could reduce i t s rate of output.

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Microeconomic theory by P . R. G . Layard & A. A. Walters

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