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NORMAL GOOD: A good for which an increase in income causes an increase in demand, or a rightward shift in the demand curve. If demand increases as income increases, it is a normal good or a good with a positive income elasticity of demand. A normal good is one of two alternatives falling within the income determinant of demand. The other is an inferior good.
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COST An alternative term for economic or opportunity cost, which is the highest valued alternative foregone in the pursuit of an activity. Opportunity cost is one of the most fundamental concepts used in the study of economics, hence when the term cost is used in the study of economics without modification, it usually means economic or opportunity cost.
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RED AGGRESSERINE
[What's This?]
Today, you are likely to spend a great deal of time at a going out of business sale seeking to buy either a Boston Red Sox baseball cap or a square lamp shade with frills along the bottom. Be on the lookout for high interest rates.
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This isn't me! What am I?
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John Maynard Keynes was born the same year Karl Marx died.
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"You can't use up creativity. The more you use, the more you have. " -- Maya Angelou, poet
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IER
International Economic Review
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