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LONG-RUN TREND: The general movement over time of particular measurement, especially one prone toward shorter term fluctuations. One of the most important long-run trends in the study of macroeconomics is for real GDP. The long-run trend of real GDP, which has historically increased about 3% a year, indicates the increase in the economy's production capabilities. Such capabilities have increased due to increases in the quantity and quality of resources.

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Lesson 11: Elasticity Basics | Unit 4: A Continuum Page: 16 of 25

Topic: Elasticity Alternatives <=PAGE BACK | PAGE NEXT=>

  • The two general categories of elasticity are elastic and inelastic.

  • While elasticity can be lumped into these two broad categories, it is best viewed as a continuum.

  • This elasticity continuum is divided into five alternatives:

  • Perfectly Elastic.
  • Relatively Elastic.
  • Unit Elastic.
  • Relatively Inelastic.
  • Perfectly Inelastic.


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M2

The medium-range monetary aggregate for the U.S. economy containing the combination of M1 (currency and checkable deposits) and short-term, small denomination near monies. M2 contains financial assets that either function directly as money for the U.S. economy or can be easily and quickly converted into money. The near monies added to M1 to derive M2 include savings deposits, certificates of deposit, money market deposits, and money market mutual funds. M2 is one of three monetary aggregates tracked and reported by the Federal Reserve System. The other two are designated M1 and M3.

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