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SATISFACTION: The process of successfully fulfilling wants and needs. A basic fact of life is that people want and need stuff to stay alive and to make that life more enjoyable. Satisfaction is the economic term that captures this wants-and-needs-fulfilling process. Satisfying wants and needs is actually the ultimate goal of economic activity, the end result of addressing the fundamental problem of scarcity, and, when you get right down to it, life itself.

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Lesson 11: Elasticity Basics | Unit 2: A Little More Page: 10 of 25

Topic: Unit Review <=PAGE BACK | PAGE NEXT=>

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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AGGREGATE SUPPLY DECREASE, SHORT-RUN AGGREGATE MARKET

A shock to the short-run aggregate market caused by a decrease in aggregate supply, resulting in and illustrated by a leftward shift of the short-run aggregate supply curve. A decrease in aggregate supply in the short-run aggregate market results in an increase in the price level and a decrease in real production. The level of real production resulting from the shock can be greater or less than full-employment real production.

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APLS

BROWN PRAGMATOX
[What's This?]

Today, you are likely to spend a great deal of time looking for the new strip mall out on the highway wanting to buy either galvanized steel storage shelves or a large green chalkboard shaped like the state of Maine. Be on the lookout for door-to-door salesmen.
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This isn't me! What am I?

Before 1933, the U.S. dime was legal as payment only in transactions of $10 or less.
"It is not fair to ask of others what you are unwilling to do yourself. "

-- Eleanor Roosevelt, diplomat, activist

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Institute for Research on Public Policy
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