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RELATIVELY INELASTIC: An elasticity alternative in which relatively large changes in price cause relatively small changes in quantity. In other words, quantity is not very responsive to price. Relatively inelastic should be compared with other elasticity alternatives--relatively elastic, perfectly inelastic, perfectly elastic, and unit elastic.

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A POSTERIORI: A conclusion reached through logical reasoning based on facts and observations about the real world. This notion is closely related to the scientific verification of hypotheses and the identification of principles. A similar sounding, but opposite term is a prior, which is a unverified presumption made before an analysis is undertaken. For example, in the study of economics of crime you might assume, a priori, that people are basically "good", and conclude, a posteriori, that people are more likely to commit crimes when the threat of capture and conviction is lower.

     See also | principle | law | hypothesis | data | empirical | verification | theory | scientific method | a priori | world view | axiom | assumption |


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INVESTMENT LINE

A graphical depiction of the relation between investment expenditures by the business sector and the economy's aggregate level of income or production. This relation plays a key role in the study of Keynesian economics. A investment line is characterized by vertical intercept, which indicates autonomous investment, and slope, which is the marginal propensity to invest and indicates induced investment. The aggregate expenditures line used in Keynesian economics is derived by adding or stacking the investment line onto the consumption line, then adding government purchases and net exports to this stack.

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Today, you are likely to spend a great deal of time surfing the Internet hoping to buy either storage boxes for your income tax returns or an AC adapter for your CD player. Be on the lookout for small children selling products door-to-door.
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Francis Bacon (1561-1626), a champion of the scientific method, died when he caught a severe cold while attempting to preserve a chicken by filling it with snow.
"Only great minds can afford a simple style."

-- Stendhal, writer

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