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WORLD BANK: (International Bank for Reconstruction and Development) An agency of the United Nations that was established in 1945 to promote the economic development of the poorer nations in the world. They pursue this goal by providing low-interest loans to less development countries and offering technical assistance on the best ways to use these loans. Funds for the loans are obtained by the World Bank by selling bonds on the world's financial markets. It's long-run economic development orientation is usually coordinated with the shorter-run efforts of its sister U. N. agency, the International Monetary Fund.
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Lesson 10: Utility and Demand | Unit 3: Complex Choices
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Page: 12 of 21
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Topic:
Rule Of Consumer Equilibrium
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- The rule of consumer equilibrium states that consumers maximize utility by equating the marginal utility obtained from the LAST DOLLAR spent on each good.
- Another way of stating this rule is through the ratios of marginal utility to price (MU/P).
- The marginal utility-price ratios for all goods are equal.
- MU/P for good 1 = MU/P for good 2
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PRICE ELASTICITY OF DEMAND The relative response of a change in quantity demanded to a change in price. More specifically the price elasticity of demand is the percentage change in quantity demanded due to a percentage change in price. This notion of elasticity captures the demand side of the market. A comparable elasticity on the supply side is the price elasticity of supply. Other notable demand elasticities are income elasticity of demand and cross elasticity of demand.
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YELLOW CHIPPEROON
[What's This?]
Today, you are likely to spend a great deal of time at a crowded estate auction wanting to buy either a coffee cup commemorating the first day of spring or a printer that works with your stockpile of ink cartridges. Be on the lookout for florescent light bulbs that hum folk songs from the sixties.
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This isn't me! What am I?
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John Maynard Keynes was born the same year Karl Marx died.
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"Old age isn't so bad when you consider the alternative. " -- Cato, Roman orator
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ISIC
International Standard Industrial Classification
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