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August 9, 2022 

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ELASTIC SUPPLY: Relatively small changes in supply price cause relatively larger changes in quantity supplied. Elastic supply means that changes in the quantity supplied are relatively responsive to changes in the supply price. An elastic supply has a coefficient of elasticity greater than one. You might want to compare elastic supply to inelastic supply, elastic demand, and inelastic demand.

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DISEQUILIBRIUM: The state that exists when opposing forces do not offset each other and there is an inherent tendency for change. Disequilibrium is most noted in market analysis in which the opposing forces are demand (the buyers) and supply (the sellers). The result is either a shortage, which entices the market price to rise, or a surplus, which entices the market price to fall.

     See also | equilibrium | market | aggregate market | demand | supply | price | shortage | surplus |


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MICROECONOMICS

The branch of economics that studies the parts of the economy, especially such topics as markets, prices, industries, demand, and supply. It can be thought of as the study of the economic trees, as compared to macroeconomics, which is study of the entire economic forest.

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Today, you are likely to spend a great deal of time flipping through mail order catalogs wanting to buy either a birthday gift for your aunt or a pair of leather sandals that won't cause blisters. Be on the lookout for door-to-door salesmen.
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The 22.6% decline in stock prices on October 19, 1987 was larger than the infamous 12.8% decline on October 29, 1929.
"Work is an extension of personality. It is achievement. It is one of the ways in which a person defines himself, measures his worth and his humanity. "

-- Peter Drucker, author

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