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ANNUAL: A standard 12-month period, or one year, used for reporting economic and financial data. Gross Domestic Product and related measures are noted economic data released annually. Many businesses also provide annual financial reports. Another standard reporting period is the quarter.
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Lesson 5: Market Demand | Unit 2: Law of Demand
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Page: 7 of 20
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Topic:
Substitution Effect
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The second reason for the law of demand is the substitution effect.- The substitution effect exists because a change in the price of a good makes this price relatively higher or lower than the prices of other goods.
- The higher the price of a good, then the more expensive it is relative to other goods. The lower the price of a good, then the less expensive it is relative to other goods.
- Other prices remain unchanged.
- The substitution effect is usually more important than the income effect.
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PATERNALISM A fundamental philosophical viewpoint that the private sector (households and businesses) needs to be closely supervised by the public sector (government). In other words, members of society need to be watched over, cared for, and kept out of trouble, like parents watch over, care for, and keep their children out of trouble.
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BROWN PRAGMATOX
[What's This?]
Today, you are likely to spend a great deal of time at a going out of business sale seeking to buy either a wall poster commemorating the 2000 Olympics or a flower arrangement with a lot of roses for your grandmother. Be on the lookout for telephone calls from long-lost relatives.
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In the early 1900s around 300 automobile companies operated in the United States.
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"It takes generosity to discover the whole through others. If you realize you are only a violin, you can open yourself up to the world by playing your role in the concert. " -- Jacques Yves Cousteau, marine explorer
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EPS
Earnings Per Share
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