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NONDURABLE GOOD: A good bought by consumers that tends to last for less than a year. Common examples are food and clothing. The notable thing about nondurable goods is that consumers tend to continue buying them regardless of the ups and downs of the business cycle.
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Lesson 7: Market | Unit 5: The Method
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Page: 19 of 22
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Topic:
Too Little Production
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This market has a 50-cent price and a 400-tape quantity in equilibrium.- Note the demand price and the supply price if the quantity is 300 tapes.
- The demand price is 60 cents. This is the value of the good produced.
- The supply price is 40 cents. This is the value of goods not produced.
- Producing this quantity is the same as giving up 40 cents and getting 60 cents in return.
- 300 tapes is not an efficient use of resources
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POINT ELASTICITY The relative responsiveness of a change in one variable (call it B) to an infinitesimally small change in another variable (call it A). The notion of point elasticity typically comes into play when discussing the elasticity at a specific point on a curve.
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Junk bonds are so called because they have a better than 50% chance of default, carrying a Standard & Poor's rating of CC or lower.
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"Concentrate all your thoughts upon the work at hand. The sun's rays do not burn until brought to a focus." -- Alexander Graham Bell, inventor
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AACP
American Assocation of Commercial Publications
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