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SERVICES: Activities that provide direct satisfaction of wants and needs without the production of tangible products or goods. Examples include information, entertainment, and education. This term service should be contrasted with the term good, which involves the satisfaction of wants and needs with tangible items. You're likely to see the plural combination of these two into a single phrase, "goods and services," to indicate the wide assortment of economic production from the economy's scarce resources.
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Lesson 12: Elasticity and Demand | Unit 3: Measurement
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Page: 16 of 25
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Topic:
Expenditures And Elasticity
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The five elasticity alternatives on the demand curve can also be seen on the this total expenditures curve.- The perfectly elastic point is at origin with a 0 quantity and 0 total expenditures, corresponding with the intersection of the demand curve and the vertical price axis.
- The relatively elastic range is the first half of the total expenditures curve between the 0 million minutes and 5 million minutes, corresponding with the "upper" half of the demand curve.
- The unit elastic point is at the very peak of the total expenditures curve at 5 million minutes, corresponding with the exact midpoint of the demand curve.
- The relatively inelastic range is the second half of the total expenditures curve between the 5 million minutes and 10 million minutes, corresponding with the "lower" half of the demand curve.
- The perfectly inelastic point is at with 0 total expenditures and 10 million minutes, corresponding intersection between the demand curve and the horizontal quantity axis.
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FOREIGN EXCHANGE MARKET A market that trades the currencies of different countries. The foreign exchange market is actually a series of different markets, each exchanging the currency of one nation for that of another nation. A foreign exchange market sets the price of one currency in terms of the other; a price termed the foreign exchange rate, or simply exchange rate. The impact of government exchange rate policies, including fixed exchange rates, flexible exchange rates, and managed flexible exchange rates, can be illustrated using the foreign exchange market.
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GRAY SKITTERY
[What's This?]
Today, you are likely to spend a great deal of time flipping through mail order catalogs trying to buy either a coffee cup commemorating the moon landing or a how-to book on surfing the Internet. Be on the lookout for florescent light bulbs that hum folk songs from the sixties.
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In his older years, Andrew Carnegie seldom carried money because he was offended by its sight and touch.
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"Sometimes when you innovate, you make mistakes. It is best to admit them quickly and get on with improving your other innovations. " -- Steve Jobs, Apple Computer founder
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NYFE
New York Futures Exchange
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