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February 1, 2023 

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THIRD-WORLD COUNTRY: A country with a relatively low standard of living and which lacks the economic development of more advanced industrialized nations like the United States. Most third-world countries are in Africa, Asia, and South America and often rise to newsworthy prominence when they have a famine, are overthrown by a military dictator, or are invaded by a more developed country. They tend to have high rates of population growth and limited success in doing what's necessary to achieve economic growth.

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SUBSTITUTE-IN-CONSUMPTION: One of two goods that can replace each other in consumption--that is, each provides the same basic satisfaction of wants and needs. A substitute good is one of two alternatives falling within the other prices determinant of demand. The other is complement good. An increase in the price of one substitute good causes an increase in demand for the other. A substitute good has a positive cross price elasticity.

     See also | demand | other prices | consumption | demand curve | demand determinants | demand shock | comparative statics | elasticity | cross elasticity of demand | substitute-in-production |


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SUBSTITUTE-IN-CONSUMPTION, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2023. [Accessed: February 1, 2023].


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BANK RUN

A situation in which a relatively large number of a bank's customers attempt to withdraw their deposits in a relatively short period of time, usually within a day or two. While common throughout the 1800s and early 1900s, government deposit insurance has largely eliminated banks runs in the modern economy. Historically a bank run was prompted by fears that the bank was on the verge of collapse, causing deposits to become worthless. Ironically a bank run often caused the bank to fail. Bank runs were often infectious, leading to economy-wide bank panics and business-cycle contractions.

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