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GIFFEN GOOD: A rare type of good seldom seen in the real world, in which a change in price causes quantity demanded to change in the same direction (in violation of the law of demand). In other words, an increase in the price of a Giffen good results in an increase in the quantity demanded. The existence of a Giffen good requires the existence of special circumstances. First, the good must be an inferior good. Second, the income effect triggered by a change in price must overwhelm the substitution effect. A Giffen good is most likely to result when the good is a significant share of the consumer's budget.
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CONSUMER CONFIDENCE, AGGREGATE DEMAND DETERMINANT One of several specific aggregate demand determinants assumed constant when the aggregate demand curve is constructed, and which shifts the aggregate demand curve when it changes. An increase in consumer confidence causes an increase (rightward shift) of the aggregate demand curve. A decrease in consumer confidence causes a decrease (leftward shift) of the aggregate demand curve. Other notable aggregate demand determinants include interest rates, federal deficit, inflationary expectations, and the money supply.
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ORANGE REBELOON
[What's This?]
Today, you are likely to spend a great deal of time looking for the new strip mall out on the highway hoping to buy either a combination CD player, clock radio, and telephone (with answering machine) or a revolving spice rack. Be on the lookout for vindictive digital clocks with revenge on their minds.
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In the late 1800s and early 1900s, almost 2 million children were employed as factory workers.
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"Doing the best at this moment puts you in the best place for the next moment. " -- Oprah Winfrey, entrepreneur
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KSE
Korea Stock Exchange
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