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IMPLICIT PRICE DEFLATOR: A price index calculated as the ratio nominal gross domestic product to real gross domestic product. Also commonly referred to as the GDP price deflator, the implicit price deflator is used as an indicator of the economy's average price level. This price index is tabulated and reported every three months along with the gross domestic product, national income, and related measures that make up the National Income and Product Accounts maintained by the Bureau of Economic Analysis (BEA).
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Lesson 5: Market Demand | Unit 4: Determinants
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Page: 18 of 20
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- Why relaxing the ceteris paribus assumption enables further analysis of demand and markets.
- How the changes in the demand determinants cause rightward or leftward shifts in the demand curve.
- The five basic demand determinants: income, preferences, prices of other goods, buyers' expectations, and number of buyers.
- How income affects the demand for normal goods differently than inferior goods.
- How a change in the price of a substitute goods affects demand differently than a change in the price of a complement good.
- Most important of all, the difference between a change in demand, caused by a change in a demand determinant, and a change in quantity demanded, caused by a change in price.
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PLANNED ECONOMY An economy, or economic system, that relies heavily on central planning by government to allocate resources and answer the three basic questions of allocation. A planned economy is often a type of command economy, in which government uses its coercive powers to implement central planning allocation decisions.
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BROWN PRAGMATOX
[What's This?]
Today, you are likely to spend a great deal of time at the confiscated property police auction trying to buy either a birthday greeting card for your grandmother or a coffee cup commemorating yesterday. Be on the lookout for telephone calls from former employers.
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In 1914, Ford paid workers who were age 22 or older $5 per day -- double the average wage offered by other car factories.
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"Old age isn't so bad when you consider the alternative. " -- Cato, Roman orator
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MLR
Minimum Lending Rate
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