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RENT SEEKING: The inclination of everyone who is alive and breathing to get as much as they can for themselves. These stems from the idea of economic rent, which is a payment over above the opportunity cost. People are said to be rent seeking when they try to get higher wages, more profit, or any other payment over above the minimum they would be willing to accept.
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Lesson 11: Elasticity Basics | Unit 1: The Concept
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Page: 4 of 25
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Topic:
Some Definitions
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- The working, measurement based definition goes something like this:
- Elasticity is the percentage change of one variable relative to the percentage change in another variable.
- When applied to market analysis, specific elasticity definitions work for both demand and supply:
- The price elasticity of demand is the percentage change in quantity demanded resulting from a percentage change in demand price.
- The price elasticity of supply is the percentage change in quantity supplied resulting from a percentage change in supply price.
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ALLOCATION EFFECT A change in the allocation of resources caused by placing taxes on economic activity. By creating disincentives to produce, consume, or exchange, taxes generally alter resource allocations. The allocation effect is typically used when governments seek to discourage the production, consumption, or exchange of particular goods or activities that are deemed undesirable (such as tobacco use or pollution). This is one of two effects of taxation. The other (primary) is the revenue effect, which is the generation of revenue used to finance government operations.
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GREEN LOGIGUIN
[What's This?]
Today, you are likely to spend a great deal of time at a going out of business sale looking to buy either a coffee cup commemorating the first day of spring or a printer that works with your stockpile of ink cartridges. Be on the lookout for slow moving vehicles with darkened windows.
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The average bank teller loses about $250 every year.
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"Lord, where we are wrong, make us willing to change; where we are right, make us easy to live with. " -- Peter Marshall, US Senate chaplain
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LTFV
Less Than Fair Value
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