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January 16, 2018 

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ELASTIC DEMAND: Relatively small changes in demand price cause relatively larger changes in quantity demanded. Elastic demand means that changes in the quantity demanded are relatively responsive to changes in the demand price. An elastic demand has a coefficient of elasticity greater than one (the negative value is ignored). You might want to compare elastic demand to inelastic demand, elastic supply, and inelastic supply.

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FREE-TRADE AREA: An agreement among two or more nations to eliminate trade barriers with each other. There is no attempt, however, to adopt a common trade policy with other nations, to allow free movement of resources among the countries, or to adopt common monetary or fiscal policies. This is considered the first of four levels of integration among nations. See common market, customs union, economic union for the other levels.

     See also | foreign trade | trade barrier | monetary policy | fiscal policy | common market | customs union | economic union | trading bloc |


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MARKET EFFICIENCY

The notion that a competitive market automatically achieves an efficient allocation of resources by equating demand price with supply price and quantity demanded with quantity supplied. Market efficiency relies on the self-correction process that eliminates shortages or surpluses. It also presumes that the market is competitive and is not subject to market failures.

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BLUE PLACIDOLA
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Today, you are likely to spend a great deal of time touring the new suburban shopping complex looking to buy either a set of serrated steak knives, with durable plastic handles or a pair of blue silicon oven mitts. Be on the lookout for the happiest person in the room.
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Much of the $15 million used by the United States to finance the Louisiana Purchase from France was borrowed from European banks.
"Good humor is a tonic for mind and body. It is the best antidote for anxiety and depression. It is a business asset. It attracts and keeps friends. It lightens human burdens. It is the direct route to serenity and contentment."

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Marginal Cost
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