Definitions and BasicsEfficiency, Supply and Demand, and Market Clearing, by Arnold Kling Show
The Wheat Activity, a lesson plan from the Foundation for Teaching Economics
“Where Do Prices Come From?” by Russ Roberts at Econlib, June 4, 2007.
A Price is a Signal Wrapped up in an Incentive, video at Marginal Revolution University Everything Has Its Price (And That’s a Good Thing) at LearnLiberty. In the News and ExamplesMichael L. David, Price Gouging is Fine but Humans Are Better, Econlib, November 2017.
Paul Mueller and Jan Gerber, What is a Just Price? Econlib, May 2020.
Munger on Shortages, Prices, and Competition. EconTalk podcast, October 19, 2009.
Richard B. McKenzie, How Free-Market Kidney Sales Can Save Lives- And Lower the Total Cost of Kidney Transplants, Econlib, March 2012.
A Little History: Primary Sources and ReferencesAlfred Marshall, biography from the Concise Encyclopedia of Economics
Equilibrium of Normal Demand and Supply, by Alfred Marshall. Book V, Chapter 3 in Principles of Economics
Advanced ResourcesClassroom experiments with supply, demand, and equilibrium. Vernon Smith on Markets and Experimental Economics. EconTalk podcast episode, May 21, 2007. Includes printable Listening Guide.
Related TopicsDemand Supply Competition and Market Structures Market Failures Price Ceilings and Floors Economic Institutions What is the principle of regression in real estate?Regression – An appraisal principle which holds that a property of noticeably lower quality than those around it will tend to decrease the value of those neighboring properties; the opposite of the principle of progression.
What is the principle of increasing and decreasing returns?Explanation: The principle of increasing and decreasing returns holds that adding more of one of the agents of production, while holding the other agents of production constant, will eventually lead to diminishing returns.
Which economic principle pertains to how a change in a property affects its value as a whole?The term contributory value refers to the amount by which a single component of an asset influences its total value as a whole. Contributory value is commonly used in the real estate industry to show how a single property feature affects the property's entire value.
What principle states that the value of property is affected by the potential future benefits of its ownership?Income Approach
One basic principle in estimating the value of income property is the anticipation of future benefits. The income approach, also called income capitalization, converts future benefits of property ownership into an indication of present worth (market value).
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