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HIGH-POWERED MONEY: Also termed the monetary base, the total of currency held by the nonbank public, vault cash held by banks, and Federal Reserve deposits of the banks. This contains the monetary components over which the Federal Reserve System has relatively complete control and is often used as a guide for the Fed's money control ability and monetary policy.

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Lesson 11: Elasticity Basics | Unit 1: The Concept Page: 3 of 25

Topic: Quantity Changes <=PAGE BACK | PAGE NEXT=>

  • While the elasticity concept can be applied to several different areas, when applied to the market, elasticity captures the relation between price and quantity.

  • The force activating the change is price and the variable that's being stretched is quantity.

  • The importance of elasticity for market analysis comes into play in the following way:

    • First, market shocks triggered by determinant-induced shifts of the demand and supply curves create shortages and surpluses.
    • Second, governments are fond of placing taxes or price controls on markets.

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PRICE INDEX

A measure of the average of a group of prices calculated as a ratio to prices in a given time period (that is, a base year). A price index is primarily used to compare relative prices, or changes in the group prices over time. Such an index is a handy indicator of overall price trends. Two common price indexes that surface in the study of macroeconomics are the Consumer Price Index (CPI) and the GDP price deflator. Both are used to indicate the macroeconomy's average price level and to estimate the inflation rate. The Dow Jones Industrial Average (the Dow), Standard & Poor's 500, and the NASDAQ are well-known indexes of stock market prices.

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