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RELATIVELY ELASTIC: An elasticity alternative in which relatively small changes in price cause relatively large changes in quantity. In other words, quantity is very responsive to price. Relatively elastic should be compared with other elasticity alternatives--relatively inelastic, perfectly inelastic, perfectly elastic, and unit elastic.
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Lesson 3: Scarcity | Unit 5: THE Problem
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Page: 16 of 17
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Can we solve the scarcity problem? Solutions: - Make unlimited resources: A solution to a world constrained by limited resources is a world of unlimited resources. It could happen. But is unlikely, even with technological advances.
- Make wants and needs limited: Another solution could be that everyone has limited wants and needs. Unlimited wants and needs seems basic to human nature. Would we want to make wants an needs limited?
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HOUSEHOLD SECTOR The aggregate macroeconomic sector that includes the entire wants and-needs-satisfying population of the economy. The primary economic role of the household sector is consumption. The share of gross domestic product purchased by the household sector is termed consumption expenditures. This is one of four macroeconomic sectors. The other three are business sector, government sector, and foreign sector.
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RED AGGRESSERINE
[What's This?]
Today, you are likely to spend a great deal of time touring the new suburban shopping complex hoping to buy either a tall storage cabinet with five shelves and a secure lock or a birthday greeting card for your grandmother. Be on the lookout for celebrities who speak directly to you through your television.
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This isn't me! What am I?
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Sixty percent of big-firm executives said the cover letter is as important or more important than the resume itself when you're looking for a new job
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"It's usually the last ounce of effort that tips the scales of success." -- Rick Beneteau
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IV
Instrumental Variables
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