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ECONOMIZE: The process of obtaining the most for the least. That is, to limit the cost of an action or to gain the greatest benefit from an activity. To economize also means to limit or prevent waste and inefficiency.

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Lesson 11: Elasticity Basics | Unit 3: Measurement Page: 15 of 25

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In this unit, you should have learned about:
  • The two types of elasticity measurements -- arc elasticity for discrete changes and point elasticity for infinitesimally small changes.
  • The coefficient of elasticity used to quantify the elasticity concept.
  • The endpoint formula for calculating the coefficient of elasticity.
  • The midpoint formula for calculating the coefficient of elasticity.
  • How the coefficient of elasticity differs using the endpoint and midpoint formulas.

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GDP PRICE DEFLATOR

A price index calculated as the ratio nominal gross domestic product to real gross domestic product. Also commonly referred to as the implicit price deflator, the GDP price deflator is used as an indicator of the economy's average price level. This price index is tabulated and reported every three months along with the gross domestic product, national income, and related measures that make up the National Income and Product Accounts maintained by the Bureau of Economic Analysis (BEA). The GDP part of GDP price deflator stands for gross domestic product.

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Today, you are likely to spend a great deal of time watching infomercials seeking to buy either a dozen high trajectory optic orange golf balls or a large red and white striped beach towel. Be on the lookout for neighborhood pets, especially belligerent parrots.
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This isn't me! What am I?

John Maynard Keynes was born the same year Karl Marx died.
"Try not to become a man of success, but rather try to become a man of value. "

-- Albert Einstein

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