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DEPOSIT INSURANCE: A program of guaranteeing, or insuring, customers' deposits at a bank or similar institution. Since the 1930s bank deposits have been insured by the Federal Deposit Insurance Corporation (FDIC). Other programs have insured deposits at credit unions and savings and loan associations. The FDIC works like this -- If a bank is unable to pay back all or part of its customers' deposits because it has done something like go out of business, then the FDIC steps in to make up the difference--up to a pretty hefty limit.
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Lesson 12: Elasticity and Demand | Unit 2: The Continuum
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Page: 9 of 25
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In this unit, you should have learned about:- How a given shift of the supply curve can result in different changes in equilibrium price and quantity based on the price elasticity of demand.
- That the coefficient of elasticity forms a continuum ranging from 0 to infinity.
- The five elasticity alternatives identified by segmenting the elasticity continuum -- perfectly elastic, relatively elastic, unit elastic, relatively inelastic, and perfectly inelastic.
- The different shapes of demand curves with different elasticities.
- Perfectly inelastic demand is a vertical demand curve.
- Perfectly elastic demand is a horizontal demand curve.
- Unit elastic demand is a concave demand curve without constant slope.
- Why relatively elastic demand curves are "sort of" flat and the relatively inelastic demand curves are "sort of" steep.
- Why this preceding statement is not technically correct because slope does NOT indicate elasticity.
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MARGINAL PROPENSITY TO SAVE The proportion of each additional dollar of household income that is used for saving. The marginal propensity to save (abbreviated MPS) is another term for the slope of the saving line and is calculated as the change in saving divided by the change in income. The MPS plays a central role in Keynesian economics. It quantifies the saving-income relation, which is the flip side of the consumption-income relation, and thus it reflects the fundamental psychological law. It is also a critical to the multiplier process. A related saving measure is the average propensity to save.
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BLACK DISMALAPOD
[What's This?]
Today, you are likely to spend a great deal of time at a dollar discount store seeking to buy either a box of multi-colored, plastic paper clips or several orange mixing bowls. Be on the lookout for broken fingernail clippers.
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This isn't me! What am I?
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A lump of pure gold the size of a matchbox can be flattened into a sheet the size of a tennis court!
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"Plans are only good intentions unless they immediately degenerate into hard work." -- Peter Drucker, management consultant
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BOP
Balance of Payments
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