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REAL-BALANCE EFFECT: A change in aggregate expenditures on real production made by the household, business, government, and foreign sectors that results because a change in the price level alters the purchasing power of money. This is one of three effects underlying the negative slope of the aggregate demand curve associated with a movement along the aggregate demand curve and a change in aggregate expenditures. The other two are interest-rate effect and net-export effect.

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Lesson 11: Elasticity Basics | Unit 1: The Concept Page: 5 of 25

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In this unit, you should have learned about:
  • Elasticity as the stretchability or responsiveness of one variable to changes in another variable.
  • How elasticity can help the market analysis of taxes and price controls.
  • The definition of elasticity as the percentage change in one variable resulting from a percentage change in another variable.
  • The price elasticity of demand and the price elasticity of supply.

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PER UNIT TAX

A tax specified as a percentage of the quantity of a good, service, asset, or other activity. Per unit taxes are often imposed on specific goods or markets. A common per unit tax is that levied on gasoline. People pay a given tax for each gallon of gasoline purchased, regardless of the price of gasoline. An alternative is an ad valorem tax, with is a tax specified as a percentage of the value or price of a good.

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Today, you are likely to spend a great deal of time surfing the Internet hoping to buy either a computer that can play music and burn CDs or a T-shirt commemorating last Friday (you know why). Be on the lookout for celebrities who speak directly to you through your television.
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Ragnar Frisch and Jan Tinbergen were the 1st Nobel Prize winners in Economics in 1969.
"Work is an extension of personality. It is achievement. It is one of the ways in which a person defines himself, measures his worth and his humanity. "

-- Peter Drucker, author

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