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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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Lesson 15: Aggregate Market | Unit 5: Policy Preview Page: 22 of 22

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  • A preview of how the aggregate market is used to analyze government policies.
  • The two alternatives for closing recessionary and inflationary gaps--(1) self correction based on shifts of the automatic SRAS and (2) government policies that induce shifts in the AD, SRAS, and LRAS curves.
  • Questions about the time it takes for the economy to adjust from the short run to the long run.

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SCARCE

A condition in which a given good or resource is limited relative to its desired uses. This is a special condition of the general condition of scarcity. A scarce good or resource is typically exchanged through markets and carries a positive price.

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Today, you are likely to spend a great deal of time watching infomercials trying to buy either decorative picture frames or storage boxes for your income tax returns. Be on the lookout for cardboard boxes.
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Two and a half gallons of oil are needed to produce one automobile tire.
"You are never given a dream without also being given the power to make it true."

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