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PERFECTLY INELASTIC: An elasticity alternative in which changes in price do NOT cause any change in quantity. In other words, quantity is totally, completely unresponsive to price. Quantity just does not change, regardless of changes in price. Perfectly inelastic should be compared with other elasticity alternatives--perfectly elastic, relatively elastic, relatively inelastic, and unit elastic.
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Lesson 10: Gross Domestic Product | Unit 1: Measuring Production
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Page: 5 of 25
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In this unit, you should have learned something about:- How numerical measurements are used to indicate the health and well-being of the economy.
- Gross Domestic Product (GDP), which is the total market value of all final goods and services produced in the economy in a given period of time.
- That GDP seeks to measure ALL production of goods and services in the economy at its total market value.
- That GDP only measures the market value of final goods and services, because the cost of intermediate goods is included in the price of the finished product.
- That GDP measures the flow of current production that takes place during a specific period, usually one year.
- The difference flows, which are measures that take place over a period of time, and stocks, which are measures that exist at a point in time.
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MONETARY POLICY TARGETS Values of specific economic variables that the monetary authority seeks achieve with monetary policy. The three most noted monetary policy targets are interest rates, monetary aggregates, and exchange rates. These targets are usually intermediate targets that can be quickly achieved and easily measured, but then move the economy toward the ultimate macroeconomic goals of full employment, stability, and economic growth.
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GRAY SKITTERY
[What's This?]
Today, you are likely to spend a great deal of time at a going out of business sale looking to buy either a wall poster commemorating the 2000 Presidential election or a rechargeable flashlight. Be on the lookout for fairy dust that tastes like salt.
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In the late 1800s and early 1900s, almost 2 million children were employed as factory workers.
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"Far and away the best prize that life has to offer is the chance to work hard at work worth doing." -- Theodore Roosevelt, 26th US president
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