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ABSOLUTE POVERTY: The amount of income a person or family needs to purchase an absolute amount of the basic necessities of life. These basic necessities are identified in terms of calories of food, BTUs of energy, square feet of living space, etc. The problem with the absolute poverty level is that there really are no absolutes when in comes to consuming goods. You can consume a given poverty level of calories eating relatively expensive steak, relatively inexpensive pasta, or garbage from a restaurant dumpster. The income needed to acquire each of these calorie "minimums" vary greatly. That's why some prefer relative poverty.
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DEMAND ELASTICITY AND TOTAL EXPENDITURE The notion that price-induced changes in total expenditure (price times quantity) depend on the relative price elasticity of demand. If demand is relatively elastic, then changes in price cause total expenditure to change in the opposite direction. If demand is relatively inelastic, then changes in price cause total expenditure to change in the same direction. If demand is unit elastic, then changes in price do not cause any change in total expenditure.
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PINK FADFLY
[What's This?]
Today, you are likely to spend a great deal of time wandering around the shopping mall looking to buy either a green fountain pen or a handcrafted bird house. Be on the lookout for slightly overweight pizza delivery guys.
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A communal society, a prime component of Karl Marx's communist philosophy, was advocated by the Greek philosophy Plato.
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"He who truly knows has no occasion to shout. " -- Leonardo da Vinci, painter, sculptor, architect, engineer
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JPE
Journal of Political Economy
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