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ECONOMIC INDICATORS: Numerous economic statistics that provide valuable information about the expansions and contractions of business cycles. These economic statistics are grouped into three sets--lagging, coincident, and leading. Leading economic indicators tend to move up or down a few months BEFORE business-cycle expansions and contractions. Coincident economic indicators tend to reach their peaks and troughs AT THE SAME TIME as business cycles. Lagging economic indicators tend to rise or fall a few months AFTER business-cycle expansions and contractions.

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Lesson 11: Elasticity Basics | Unit 4: A Continuum Page: 18 of 25

Topic: Relative Elastic <=PAGE BACK | PAGE NEXT=>

  • A large section of the elasticity continuum is comprise of relatively elastic:

    Relatively elastic is an elasticity alternative in which relatively small changes in one variable (price) cause relatively large changes in another variable (quantity).

  • Once again, this range holds for both the price elasticity of demand and the price elasticity of supply, because the negative value of the price elasticity of demand is ignored.

  • Relatively elastic demand and supply are represented by relatively flat, but not perfectly horizontal, demand and supply curves.

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INELASTIC

The general relation between two variables in which relatively large changes in one variable (A) cause relatively small changes in another variable (B). In other words, large changes in variable A cause relatively small changes in variable B or the percentage change in variable B is smaller than the percentage change in variable A. This characterization of elasticity is most important for the price elasticity of demand and the price elasticity of supply. Inelastic is one of two general elasticity relations between two variables. The other is elastic.

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Today, you are likely to spend a great deal of time at a dollar discount store hoping to buy either a birthday gift for your mother or a weathervane with a horse on top. Be on the lookout for fairy dust that tastes like salt.
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John Maynard Keynes was born the same year Karl Marx died.
"Think not of yourself as the architect of your career but as the sculptor. Expect to have to do a lot of hard hammering and chiseling and scraping and polishing. "

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