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INDIRECT: The mathematical notion that two variables change in the opposite directions, that is, an increase in X goes with a decrease in Y, or a decrease in X goes with an increase in Y. The alternative to an indirect relation is a direct relation, in which an increase in one variable goes with an increase in the other. Indirect relations are graphically illustrated by negatively-sloped curves, a common example being the demand curve.

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Lesson 9: Macro Basics | Unit 4: Policies Page: 13 of 16

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  • Government stabilization policies that seek to bring the economy closer to the macro goals of full employment, stability and growth.
  • The two basic viewpoints regarding the role of the government: (a) Liberal Democrat: Government is the only way to keep the economy running smoothly and (b) Conservative Republican: Government is the problem, not the solution.


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ELASTIC DEMAND

The general demand relation in which relatively small changes in price cause relatively large changes in quantity demanded. Small changes in price cause relatively large changes in quantity demanded or the percentage change in quantity demanded is larger than the percentage change in price. This characterization of elasticity is most important for the price elasticity of demand. Elastic demand is one of two general elasticity relations for demand. The other is inelastic demand.

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The first paper currency used in North America was pasteboard playing cards "temporarily" authorized as money by the colonial governor of French Canada, awaiting "real money" from France.
"Always vote for principle, though you may vote alone, and you may cherish the sweetest reflection that your vote is never lost. "

-- John Quincy Adams, 6th US president

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