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HARD CURRENCY: Historically money that is in the form of precious metals, especially gold. In modern times, any national currency that is expected to retain its value (and even appreciate in value), and is readily acceptable for most international transactions. The U.S. dollar, German marc, and Swiss franc tend to be near the top of the list of hard currencies (also termed hard money).
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Lesson 11: Elasticity Basics | Unit 2: A Little More
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Page: 10 of 25
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In this unit, you should have learned about:- The two general categories of elasticity -- elastic and inelastic.
- How elastic means a change in price prompts a relatively larger change in quantity.
- How elastic means a change in price prompts a relatively smaller change in quantity.
- How market shocks result in relatively different changes in price and quantity for elastic and inelastic demand and supply.
- Why elasticity is important when analyzing the impact of taxes on markets.
- How the two reasons for taxes -- revenue generation and resource allocation -- are achieved for elastic and inelastic goods.
- Why elasticity is important when analyzing price ceilings and price floors.
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UTILITY MEASUREMENT A quantification of the satisfaction of wants and needs achieved through the consumption of goods and services. In principle, utility measurement can take one of two forms: (1) cardinal, which is based on numerical values (1, 2, 3, etc.) and (2) ordinal which is based on rankings (first, second, third, etc.). While the hypothetical instructional analysis of utility relies on cardinal utility, ordinal utility is a more realistic way to measure satisfaction.
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BEIGE MUNDORTLE
[What's This?]
Today, you are likely to spend a great deal of time going from convenience store to convenience store wanting to buy either a remote controlled sports car with an air spoiler or semi-gloss photo paper that works with your neighbor's printer. Be on the lookout for malfunctioning pocket calculators.
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This isn't me! What am I?
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The portrait on the quarter is a more accurate likeness of George Washington than that on the dollar bill.
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"Concentrate all your thoughts upon the work at hand. The sun's rays do not burn until brought to a focus." -- Alexander Graham Bell, inventor
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NNP
Net National Product
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