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AGGREGATE OUTPUT: The macroeconomy's total production of final goods and services. You might recognized it by it's official term gross domestic product. Another related term is aggregate supply. This is the total production in the economy that is purchased by the four basic economic sectors -- household, business, government, and foreign. See also aggregate market, aggregate demand, aggregate expenditures.
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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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ABSTRACTION Simplifying the complexities of the real world by ignoring (hopefully) unimportant details while doing economic analysis. Abstraction is an essential feature of the scientific method. Hypothesis verification, model construction, and comparative static analysis are not possible without abstraction.
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GRAY SKITTERY
[What's This?]
Today, you are likely to spend a great deal of time at an auction hoping to buy either decorative celebrity figurines or a flower arrangement with anything but tulips for your grandfather. Be on the lookout for the last item on a shelf.
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Junk bonds are so called because they have a better than 50% chance of default, carrying a Standard & Poor's rating of CC or lower.
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"Chance favors only the prepared mind." -- Louis Pasteur, biologist
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CFTC
Commodities and Futures Trading Commission (US)
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