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DEMAND CURVE: A graphical representation of the relationship between the demand price and quantity demanded (that is, the law of demand), holding all ceteris paribus demand determinants constant.
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Lesson 17: Money | Unit 2: More About Money
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Page: 6 of 25
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Topic:
Measure of Value
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Money functions as the measuring unit for prices, it is the unit of account or measure of value.- Markets prices are expressed in terms of the medium of exchange.
Reason: - Sellers are willing to trade for, and buyers are willing to give up, THE medium of exchange: Money.
Therefore: - Money is used for exchanges.
- Using money as the unit for prices gives a measure for value, that is, how much value we place on a good.
- The measure of value helps macroeconomist calculate gross domestic product.
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ELASTIC SUPPLY The general supply relation in which relatively small changes in price cause relatively large changes in quantity supplied. Small changes in price cause relatively large changes in quantity supplied or the percentage change in quantity supplied is larger than the percentage change in price. This characterization of elasticity is most important for the price elasticity of supply. Elastic supply is one of two general elasticity relations for supply. The other is inelastic supply.
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ORANGE REBELOON
[What's This?]
Today, you are likely to spend a great deal of time searching for a specialty store trying to buy either a black duffle bag with velcro closures or any book written by Isaac Asimov. Be on the lookout for cardboard boxes.
Your Complete Scope
This isn't me! What am I?
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The average length of a "business lunch" is about 36 minutes.
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"We succeed in enterprises (that) demand the positive qualities we possess, but we excel in those (that) can also make use of our defects." -- Alexis de Tocqueville, Statesman
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IGARCH
Integrated Generalized Autoregressive Conditional Heteroskedasticity
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