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November 12, 2019 

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MACROECONOMIC MARKETS: Three sets of markets that make up the macroeconomy--product, financial, and resource--which exchange the three primary types of macroeconomic commodities--gross production, legal claims, and factor services. The four macroeconomic sectors--household, business, government, and foreign--interact through these three sets of markets. The primary objective of macroeconomic theories is to explain activity that takes place in these three sets of markets.

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THE ECONOMIC PROBLEM: Another term for scarcity, which is the pervasive condition of human existence that exists because society has unlimited wants and needs, but limited resources used for their satisfaction. In other words, while we all want a bunch of stuff, we can't have everything that we want (see free lunch). In slightly different words, this scarcity problem means: (1) that there's never enough resources to produce everything that everyone would like produced; (2) that some people will have to do without some of the stuff that they want or need; (3) that doing one thing, producing one good, performing one activity, forces society to give up something else; and (4) that the same resources can not be used to produce two different goods at the same time. We live in a big, bad world of scarcity. This big, bad world of scarcity is what the study of economics is all about. That's why we usually subtitle scarcity: THE ECONOMIC PROBLEM.

     See also | scarcity | first rule of scarcity | unlimited wants and needs | limited resources | satisfaction | resources | wants | needs | production | consumption | economics | opportunity cost | scarce resource |


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THE ECONOMIC PROBLEM, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2019. [Accessed: November 12, 2019].


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INELASTIC DEMAND

The general elasticity relation in which relatively large changes in price cause relatively small changes in quantity demanded. Large changes in price cause relatively small changes in quantity demanded or the percentage change in quantity demanded is smaller than the percentage change in price. This characterization of elasticity is most important for the price elasticity of demand. Inelastic demand is one of two general elasticity relations for demand. The other is elastic demand.

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Today, you are likely to spend a great deal of time at a dollar discount store trying to buy either pink cotton balls or a genuine down-filled comforter. Be on the lookout for the happiest person in the room.
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Rosemary, long associated with remembrance, was worn as wreaths by students in ancient Greece during exams.
"The art of leadership is saying no, not yes. It is very easy to say yes. "

-- Tony Blair, British prime minister

IGARCH
Integrated Generalized Autoregressive Conditional Heteroskedasticity
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