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INEFFICIENCY: When the economy is NOT obtaining the highest level of consumer satisfaction from the available resources. Inefficiency occurs if it is possible to reallocate resources in a way that would generate greater satisfaction.
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Lesson 12: Elasticity and Demand | Unit 4: Determinants
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Page: 20 of 25
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Topic:
Budget Proportion
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- Demand elasticity also depends on how much of their budgets buyers devote to a given good.
- Demand tends to be relatively inelastic for goods the comprise a smaller budget proportion. A smaller budget share reduces the incentive to switch between substitutes.
- Demand tends to be relatively elastic for goods the comprise a larger budget proportion. A larger budget share increases the incentive to switch between substitutes.
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AVERAGE PRODUCT AND MARGINAL PRODUCT A mathematical connection between average product and marginal product stating that the change in the average product depends on a comparison between the average product and marginal product. If marginal product is less than average product, then average product declines. If marginal product is greater than average product, then average product rises. If marginal product is equal to average product, then average product does not change.
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GREEN LOGIGUIN
[What's This?]
Today, you are likely to spend a great deal of time driving to a factory outlet trying to buy either clothing for your kitty cats or a set of luggage without wheels. Be on the lookout for neighborhood pets, especially belligerent parrots.
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This isn't me! What am I?
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A U.S. dime has 118 groves around its edge, one fewer than a U.S. quarter.
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"always remember an epitaph which is in the cemetery at Tombstone, Arizona. It says: „Here lies Jack Williams. He done his damnedest.¾ I think that is the greatest epitaph a man can have ‚ When he gives everything that is in him to do the job he has before him. That is all you can ask of him and that is what I have tried to do. " -- Harry Truman, 33rd US president
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L/I
Letter of Intent
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