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VERY LONG RUN: A period of time in which all inputs in the production process are variable and the technology and assorted social institutions affecting production can change. You should compare very long run with long run and production, short run and production, and market period.
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Lesson 12: Elasticity and Demand | Unit 1: An Overview
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Page: 1 of 25
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Topic:
Elasticity And Demand
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- 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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PERSONAL CONSUMPTION EXPENDITURES The official item in the National Income and Product Accounts maintained by the Bureau of Economics Analysis that measures household consumption expenditures on gross domestic product. Personal consumption expenditures are far and away the largest and most stable of the four expenditures, averaging about 65 to 70 percent of gross domestic product. The other official expenditures included in the National Income and Product Accounts are gross private domestic investment, government consumption expenditures and gross investment, and net exports of goods and services.
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PURPLE SMARPHIN
[What's This?]
Today, you are likely to spend a great deal of time visiting every yard sale in a 30-mile radius wanting to buy either decorative picture frames or storage boxes for your income tax returns. Be on the lookout for neighborhood pets, especially belligerent parrots.
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In 1914, Ford paid workers who were age 22 or older $5 per day -- double the average wage offered by other car factories.
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"To sit back and let fate play its hand out, and never influence it, is not the way man was meant to operate." -- John Glenn, astronaut, U.S. senator
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AACT
American Assocation of Commodity Traders
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