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NONDURABLE GOODS, CONSUMPTION: Personal consumption expenditures on tangible goods that tend to last for less than a year. Common examples are food, clothing, and gasoline. This is one of three categories of personal consumption expenditures in the National Income and Product Accounts maintained by the Bureau of Economic Analysis. The other two are durable goods and services. Nondurable goods are about 30% of personal consumption expenditures and 20% of gross domestic product.
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Lesson 12: Elasticity and Demand | Unit 3: Measurement
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Page: 11 of 25
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Topic:
A Range Of Values
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- A quick and dirty estimation of elasticity for a price increase from 10 cents to 11 cents is - 1.
- An estimate of elasticity using the midpoint formula, however, results in a value of - 1.105.
- This difference makes me wonder what's going on?
- A QUICK ANSWER:
- The price elasticity of demand (ignoring the negative sign) is small for a low price and large quantity, then increases as the price rises and quantity declines.
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SCARCE RESOURCES Labor, capital, land, and entrepreneurship used by society to produce consumer satisfying goods and services. Scarce resources, also termed just resources, are often given the more descriptive term factors of production.
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GRAY SKITTERY
[What's This?]
Today, you are likely to spend a great deal of time strolling around a discount warehouse buying club seeking to buy either a flower arrangement with a lot of roses for your grandmother or a wall poster commemorating the first day of winter. Be on the lookout for cardboard boxes.
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This isn't me! What am I?
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Helping spur the U.S. industrial revolution, Thomas Edison patented nearly 1300 inventions, 300 of which came out of his Menlo Park "invention factory" during a four-year period.
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"I learned about the strength you can get from a close family life. I learned to keep going, even in bad times. I learned not to despair, even when my world was falling apart. I learned that there are no free lunches. And I learned the value of hard work. " -- Lee Iacocca
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APT
Arbitrage Pricing Theory
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