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M1: The narrow-range monetary aggregate for the U.S. economy containing the combination of currency (and coins) issued by government and held by the nonbank public and checkable deposits issued by banking institutions. M1 contains the two items that function as THE medium of exchange for the U.S. economy. M1 is one of three monetary aggregates tracked and reported by the Federal Reserve System. The other two are designated M2 and M3.
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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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DEMAND DECREASE A decrease in the willingness and ability of buyers to purchase a good at the existing price, illustrated by a leftward shift of the demand curve. A decrease in demand is caused by a change in a demand determinant and results in a decrease in equilibrium quantity and a decrease in equilibrium price. A demand decrease is one of two demand shocks to the market. The other is a demand increase.
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BLUE PLACIDOLA
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Today, you are likely to spend a great deal of time touring the new suburban shopping complex hoping to buy either a lazy Susan for you dining room table or a set of serrated steak knives, with durable plastic handles. Be on the lookout for rusty deck screws.
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Before 1933, the U.S. dime was legal as payment only in transactions of $10 or less.
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"Sometimes when you innovate, you make mistakes. It is best to admit them quickly and get on with improving your other innovations. " -- Steve Jobs, Apple Computer founder
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Unemployment Rate
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