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AD-AS MODEL: An economic model relating the price level and real production that is used to analyze business cycles, gross domestic product, unemployment, inflation, stabilization policies, and related macroeconomic phenomena. The AS-AD model, inspired by the standard market model, captures the interaction between aggregate demand (the buyers) and short-run and long-run aggregate supply (the sellers).

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Lesson 11: Elasticity Basics | Unit 2: A Little More Page: 10 of 25

Topic: Unit Review <=PAGE BACK | PAGE NEXT=>

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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AMERICAN ASSOCIATION FOR THE ADVANCEMENT OF SCIENCE

A scientific society whose main mission is to advance science and innovation throughout the world. The American Association for the Advancement of Science (AAAS for short) publishes one of the most respected scientific magazines called Science. The association and magazine have nearly 140,000 individual and institutional subscribers, plus 272 affiliated organizations in more than 130 countries, serving a total of 10 million individuals. The American Association for the Advancement of Science was founded in 1848 to represent all disciplines of science and to support scientific exchange and discussion of science and society issues.

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APLS

RED AGGRESSERINE
[What's This?]

Today, you are likely to spend a great deal of time at a going out of business sale seeking to buy either a pair of gray heavy duty boot socks or a 50-foot blue garden hose. Be on the lookout for cardboard boxes.
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This isn't me! What am I?

In his older years, Andrew Carnegie seldom carried money because he was offended by its sight and touch.
"No great performance ever came from holding back. "

-- Don Greene, motivational coach, former Green Beret

SIC
Standard Industrial Classification
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