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TIME PERIOD: One of three elasticity determinants (budget proportion and substitute availability are the other two) stating that the elasticity of a good tends to be greater for a longer time period of analysis. In other words, the price elasticity of demand for gasoline is greater when the time period is one year than when it is one month. This elasticity determinant works for both the price elasticity of demand and the price elasticity of supply. In both cases, longer time periods allow consumers and produces more time to adjust to any price changes.
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NOBEL PRIZE IN ECONOMIC SCIENCES An award given annually since 1969 to an economist or scholar in recognition of a major contribution to the study of economics. It was established by the Bank of Sweden and is annually awarded by the Royal Swedish Academy of Sciences in Stockholm. The official name of the award is The Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel. It is the only Nobel Prize awarded for a social science. The first Nobel Prize in Economic Sciences was awarded in 1969 to Ragnar Frisch and Jan Tinbergen.
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On a typical day, the United States Mint produces over $1 million worth of dimes.
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"The greatest use of life is to spend it for something that will outlast it." -- William James, psychologist
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AACCLA
Association of American Chambers of Commerce in Latin America
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