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DEMAND DETERMINANTS: Five basic ceteris paribus factors that affect demand, but which are assumed constant when a demand curve is constructed. Changes in any one causes a shift of the demand curve. The five demand determinants are: income, preferences, other prices, buyers' expectations, and number of buyers.

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Lesson 4: Production Possibilities | Unit 5: Investment Page: 19 of 24

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Investment is the tradeoff between consumption goods used for current satisfaction and capital goods that expand future productive capabilities.
  • Investment is not just putting money into the stock market. Investment is giving up current satisfaction to obtain greater future production, usually seen as giving up consumption goods to produce capital goods.
  • Education and human capital that increase the productive skills and ability of labor.
  • Exploration for mineral or fossil fuel deposits that add to land resources.
  • Scientific research that expands technology and resource quality.
  • The downside of investment is risk. There is no guarantee that you'll get something tomorrow.
Let's consider this basic tradeoff between capital and consumption.
  • Capital and consumption are the two basic types of goods needed for investment. If we produce more calibrators (capital), then we give up some jogging shoes (consumption).
  • This tradeoff IS the fundamental act of investment. In the graph to the right, if we move from bundle A to E to I, we are giving up jogging shoes and getting calibrators.
We are investing!

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COEFFICIENT OF ELASTICITY

A numerical measure of the relative response of one variable to changes in another variable. The coefficient of elasticity is used to quantify the concept of elasticity, including price elasticity of demand, price elasticity of supply, income elasticity of demand, and cross elasticity of demand. The coefficient can be calculated using the simple endpoint or midpoint formulas or with more sophisticated calculus and logarithmic techniques.

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BROWN PRAGMATOX
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In his older years, Andrew Carnegie seldom carried money because he was offended by its sight and touch.
"The greatest things ever done on Earth have been done little by little. "

-- William Jennings Bryan

QML
Quasi-Maximum Likelihood
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