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ELASTIC SUPPLY: Relatively small changes in supply price cause relatively larger changes in quantity supplied. Elastic supply means that changes in the quantity supplied are relatively responsive to changes in the supply price. An elastic supply has a coefficient of elasticity greater than one. You might want to compare elastic supply to inelastic supply, elastic demand, and inelastic demand.

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Lesson 5: Demand | Unit 4: Determinants Page: 17 of 20

Topic: Ch...Ch...Changes <=PAGE BACK | PAGE NEXT=>

The difference between:
  • Demand, the whole range of prices and quantities
  • Quantity demanded, a specific quantity demanded at a specific price.
The difference between:
  • Change in demand, we are changing, moving, shifting, the entire demand curve, the whole set of prices and quantities is changing. The five determinants change the demand.
  • Change in quantity demanded, we have moved to a new quantity on an same demand curve. Only the price of the good changes the quantity demanded.
  • This difference lets us analyze cause and effect.
  • Don't confuse these two.

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PEAK

The transition of a business-cycle expansion to a business-cycle contraction. The end of an expansion carries this descriptive term of peak, or the highest level of economic reached in recent times. A peak is one of two turning points. The other, the transition from contraction to expansion, is a trough. Turning points are important because they represent the transition from bad to good or good to bad.

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APLS

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Today, you are likely to spend a great deal of time calling an endless list of 800 numbers hoping to buy either a three-hole paper punch or decorative picture frames. Be on the lookout for fairy dust that tastes like salt.
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Junk bonds are so called because they have a better than 50% chance of default, carrying a Standard & Poor's rating of CC or lower.
"Man is born to live, not to prepare for life. "

-- Boris Pasternak, writer

GSP
Gross State Product, Generalized System of Preferences
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