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WEIGHT LOSING: An activity in which the transportation cost of the inputs is greater than the transportation cost of the output. Using the term weight to mean transportation cost, an activity is said to lose weight if the cost of getting the inputs to the factory is greater than the cost of moving the output to the market. A weight-losing activity has a greater attraction to, and tends to locate near, the source for the inputs.
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Lesson 11: Elasticity Basics | Unit 4: A Continuum
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Page: 22 of 25
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In this unit, you should have learned about:- The elasticity continuum that ranges from 0 to infinity.
- The five elasticity alternatives -- perfectly elastic, relatively elastic, unit elastic, relatively inelastic, perfectly inelastic.
- Perfectly elastic as the alternative in which price is fixed.
- Relatively elastic as the alternative in which small changes in price cause large changes in quantity.
- Perfectly inelastic as the alternative in which quantity is fixed.
- Relatively inelastic as the alternative in which large changes in price cause small changes in quantity.
- Unit elastic as the alternative in which changes in price are matched by changes in quantity.
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AUTONOMOUS CONSUMPTION Household consumption expenditures that do not depend on income or production (especially disposable income, national income, or even gross domestic product). That is, changes in income do not generate changes in consumption. Autonomous consumption is best thought of as a baseline or minimum level of consumption that the household sector undertakes in the unlikely event that income falls to zero. It is measured by the intercept term of the consumption function or the consumption line. The alternative to autonomous consumption is induced consumption, which does depend on income.
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PINK FADFLY
[What's This?]
Today, you are likely to spend a great deal of time at a garage sale trying to buy either one of those memory foam pillows or a remote controlled train set. Be on the lookout for small children selling products door-to-door.
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This isn't me! What am I?
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Okun's Law posits that the unemployment rate increases by 1% for every 2% gap between real GDP and full-employment real GDP.
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"Sometimes when you innovate, you make mistakes. It is best to admit them quickly and get on with improving your other innovations. " -- Steve Jobs, Apple Computer founder
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APC
Average Propensity to Consume
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