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VALUE: Quite simply, this is the amount of consumer satisfaction directly or indirectly obtained from a good. service, or resource. The more a good satisfies a person's want or need, then the more valuable it is to that person. Furthermore, different people are likely to place different values on a good. Resources are valuable to the degree that they are used to produce stuff that consumers want. The bottom line is that value, like beauty, is truly in the eye of the beholder.

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Lesson 12: Business Cycles | Unit 3: Measurement Page: 16 of 26

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  • The types of measurements used to indicate business cycle activity.
  • The use of leading economic indicators that reach turning points 3 to 12 months before business cycle turning points.
  • How coincident economic indicators track the actual business cycle turning points.
  • How lagging economic indicators, that reach turning points 3 to 12 months after official business cycle turning points, provide valuable information.

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TAX INCIDENCE

The portion of a tax paid by each side of a market based on differences in the pre-tax equilibrium price and the after-tax demand price and supply price. Because a tax drives a wedge between demand price and supply price, the incidence or burden of a tax typically falls on both buyers and sellers. How much each side pays depends on the relative price elasticity of demand and supply. Buyers pay the entire tax only in the case of a perfectly elastic supply or perfectly inelastic demand. Sellers pay the entire tax only in the case of a perfectly elastic demand or perfectly inelastic supply.

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Today, you are likely to spend a great deal of time at the confiscated property police auction trying to buy either a 200-foot blue garden hose or a video camera with stop action features. Be on the lookout for deranged pelicans.
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Three-forths of the gold mined each year is used to manufacture jewelry.
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