|
INCOME ELASTICITY OF DEMAND: The relative response of a change in demand to a relative change in income. More specifically the income elasticity of demand can be defined as the percentage change in demand due to a percentage change in buyers' income. The income elasticity of demand quantitatively identifies the theoretical relationship between income and demand.
Visit the GLOSS*arama
|
|

|
|
Lesson Contents
|
Unit 1: Money Basics |
Unit 2: More About Money |
Unit 3: Monetary Aggregates |
Unit 4: Money's History |
Unit 5: Scarcity |
|
Money
In this lesson, we examine my favorite economic topic -- money. In addition to being the root of all evil, money is a critical component of the macroeconomy. The basic rule is that too much money causes inflation and too little money causes unemployment. To lay the foundation for further study of money and the macroeconomy, this lesson presents the money basics, including what money is, what money does, how money is measured, and how money evolved to it's current format. - The first unit begins this lesson with a look at what money is (hint: anything that people use for exchanges), and money's role as a medium of exchange.
- The main topics of the second unit are the four functions of money and the four characteristics of money.
- The third unit then examines and compares the monetary aggregates, the official measures of money tracked by the U.S. government.
- The history of money is the prime topic of the fourth unit, with a look at how modern fiat money evolved from self sufficiency, barter, and commodity money.
- The fifth unit then ponders the connection between money, efficiency, and the scarcity problem, with an eye toward the use of monetary policies.
|
|
|
VOTING PARADOX The possibility that the voting preferences of a group of individuals results in an inconsistent, or intransitive, ranking. While consistent, or transitive, ranking of preferences is expected for individuals, such might not occur for groups of voters. If a consumer prefers good A to good B and good B to good C, then it makes logical sense that the consumer also prefers good A to good C. The voting paradox arises because a group of individuals might prefer A to B and B to C, but then prefer C to A, an inconsistent and intransitive ranking of preferences. Other related voting problems identified by the study of public choice includes the median voter principle, logrolling, and voter apathy (due to rational ignorance and rational abstention).
Complete Entry | Visit the WEB*pedia |


|
|
GRAY SKITTERY [What's This?]
Today, you are likely to spend a great deal of time looking for the new strip mall out on the highway seeking to buy either a rechargeable flashlight or storage boxes for your computer software CDs. Be on the lookout for bottles of barbeque sauce that act TOO innocent. Your Complete Scope
This isn't me! What am I?
|
|
One of the largest markets for gold in the United States is the manufacturing of class rings.
|
|
"An idea is never given to you without you being given the power to make it reality." -- Richard Bach, Author
|
|
L/I Letter of Intent
|
|
Tell us what you think about AmosWEB. Like what you see? Have suggestions for improvements? Let us know. Click the User Feedback link.
User Feedback
|

|