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SAVING: The after-tax disposable income of the household sector that is not used for consumption expenditures. In general terms, saving is the use of income to purchase legal claims through financial markets rather than the direct purchase of physical goods and services. In the macroeconomic world modeled by the circular flow, saving is the diversion of household income away from consumption and into the financial markets. In this model, saving is a primary source of funds used for business investment expenditures for capital goods. Saving is also used to finance government expenditures.

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Lesson 12: Elasticity and Demand | Unit 1: An Overview Page: 1 of 25

Topic: Elasticity And Demand <=PAGE BACK | PAGE NEXT=>

  • A review:

  • Demand is the willingness and ability to buy a range of quantities of a good at a range of prices, during a given time period.
  • The key demand principle is, of course, the law of demand:

  • The law of demand states that an inverse relation exists between demand price and the quantity demanded, ceteris paribus.
  • The answer to these related questions rests with the notion of elasticity. Let's review elasticity.

  • Elasticity is the relative response of one variable, such as quantity, to changes in another variable, such as price.

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FOREIGN SECTOR

The aggregate macroeconomic sector that contains everyone and everything beyond the political boundaries of the domestic economy--including households, businesses, and governments in other countries. The primary function of the foreign sector is to undertake external activity that is outside the control of the domestic economy. This is one of the four macroeconomic sectors. The other three are household sector, business sector, and government sector.

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Today, you are likely to spend a great deal of time browsing through a long list of dot com websites hoping to buy either a coffee cup commemorating yesterday or a replacement remote control for your television. Be on the lookout for slightly overweight pizza delivery guys.
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The earliest known use of paper currency was about 1270 in China during the rule of Kubla Khan.
"I do not believe in a fate that will fall on us no matter what we do. I do believe in a fate that will fall on us if we do nothing. "

-- Ronald Reagan, 40th US president

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