If Two People Exchange Apples, They Still Each Have Only

question 183

True/False

If two people exchange apples, they still each have only one apple, but if two people exchange ideas, each person now has two ideas instead of one. This example is consistent with the argument that "information" as a factor of production is conceptually different than land, labour, and capital as factors of production.

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Definitions:

Demand

The quantity of a good or service that consumers are willing and able to purchase at a given price over a certain period of time.

Equilibrium Price

The price at which the quantity of a good demanded by consumers equals the quantity supplied by producers, resulting in a stable market situation.

Blu-ray Players

Electronic devices designed to play Blu-ray discs, which are capable of storing high-definition video and data.

Demand

The desire to own something and the ability to pay for it at a specific price.