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ENVIRONMENTAL QUALITY: The degree to which the naturally occurring resources of the planet (land, air, and water) are free of artificial impurities or waste products generated by human activity. Pollution is the primary nemesis of environmental quality. As pollution waste residuals are discharged into the environment, environmental quality declines. Like other economic notions, environmental quality is subjective in the sense that it affects the satisfaction of wants and needs.
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Lesson 11: Elasticity Basics | Unit 2: A Little More
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Page: 10 of 25
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In this unit, you should have learned about:- The two general categories of elasticity -- elastic and inelastic.
- How elastic means a change in price prompts a relatively larger change in quantity.
- How elastic means a change in price prompts a relatively smaller change in quantity.
- How market shocks result in relatively different changes in price and quantity for elastic and inelastic demand and supply.
- Why elasticity is important when analyzing the impact of taxes on markets.
- How the two reasons for taxes -- revenue generation and resource allocation -- are achieved for elastic and inelastic goods.
- Why elasticity is important when analyzing price ceilings and price floors.
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M3 The wide-range monetary aggregate for the U.S. economy containing the combination of M2 (currency, checkable deposits, and assorted savings deposits) and large-denomination, institutional near monies. M3 contains financial assets that are relatively liquid, but not quite as liquid as those found in M1 or M2. The near monies added to M2 to derive M3 include large denomination certificates of deposit, institutional money market mutual funds, repurchase agreements, and Eurodollars. M3 is one of three monetary aggregates tracked and reported by the Federal Reserve System. The other two are designated M1 and M2.
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ORANGE REBELOON
[What's This?]
Today, you are likely to spend a great deal of time at an auction wanting to buy either a flower arrangement for that special day for your mother or a New York Yankees baseball cap. Be on the lookout for rusty deck screws.
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The 1909 Lincoln penny was the first U.S. coin with the likeness of a U.S. President.
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"If I'm selecting a group, the first thing I look for is a record of achievement . . . If (candidates achieve) in small things, there's a very good chance they'll perform well in big things. " -- Edmund Hillary, explorer
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AS
Aggregate Supply
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