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UNDERGROUND ECONOMY: Illegal and unreported market transactions and productive activity that escape the watchful eyes of official record keepers. By most estimates, a substantial amount of productive activity takes place in the underground economy for the United States. Of course, these are only estimates because such activity, by definition, goes unreported. Were activity in the underground economy added to official activity in the "overground" economy, then gross domestic product could be boosted by as much as 25% to 50%, or more.
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Lesson 11: Elasticity Basics | Unit 1: The Concept
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Page: 3 of 25
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Topic:
Quantity Changes
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- 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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INFLATION A persistent increase in the average price level in the economy. It is measured by the inflation rate, the annual percentage change in a price index such as the Consumer Price Index (CPI) or GDP price deflator. Inflation is the most common phenomenon associated with the price level. Two related phenomena are deflation, a decrease in the price level, and disinflation, a decrease in the inflation rate. Inflation is one of two key macroeconomic problems. The other is unemployment.
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PURPLE SMARPHIN
[What's This?]
Today, you are likely to spend a great deal of time searching the newspaper want ads hoping to buy either a flower arrangement in a coffee cup for your father or a how-to book on meeting people. Be on the lookout for celebrities who speak directly to you through your television.
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This isn't me! What am I?
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A half gallon milk jug holds about $50 in pennies.
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"always remember an epitaph which is in the cemetery at Tombstone, Arizona. It says: „Here lies Jack Williams. He done his damnedest.¾ I think that is the greatest epitaph a man can have ‚ When he gives everything that is in him to do the job he has before him. That is all you can ask of him and that is what I have tried to do. " -- Harry Truman, 33rd US president
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ERISA
Employee Retirement Income Security Act of 1974
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