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LUDDITE: A term used when referring to people, especially workers and union members, who are violently opposed to the introduction of new technology and technologically advanced machinery. Their opposition stems in part from a fear of something that is new and different and in part from a concern that the new technology will reduced the demand for labor and eliminate their jobs. This name stems for the actions of a group calling themselves Luddites who, from 1811 to 1816, sabotaged knitting machines introduced into the textile industry in England.
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Lesson 12: Elasticity and Demand | Unit 1: An Overview
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Page: 4 of 25
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In this unit, you should have learned about:- A review of the demand concepts that relate to the study of elasticity, including the law of demand.
- A review of the elasticity concepts, including basic elasticity concept, and the price elasticity of demand.
- A review of the coefficient of elasticity and the midpoint formula for estimating elasticity.
- A review of the two broad elasticity categories -- elastic and inelastic.
- A review of the five elasticity alternatives -- perfectly elastic, relatively elastic, unit elastic, relatively inelastic, and perfectly inelastic.
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WANTS The psychological desires which make life just a little more enjoyable, but which are not biological necessities for life. Psychological wants are often contrasted with physiological needs that make life more enjoyable, but are not essential for existence.
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RED AGGRESSERINE
[What's This?]
Today, you are likely to spend a great deal of time driving to a factory outlet hoping to buy either a pair of handcrafted oven mitts or a coffee table shaped like the state of Florida. Be on the lookout for crowded shopping malls.
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This isn't me! What am I?
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John Maynard Keynes was born the same year Karl Marx died.
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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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NORC
National Opinion Research Center
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