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OMB: The abbrevation for Office of Management and Budget, which is an office within the Executive branch (specifically within the Office of the White House), that assists the President in various fiscal matters. Established in 1970, the Office of Management and Budget (OMB) is responsible for developing the President's annual budget request to Congress, managing the Executive Branch, and evaluating Federal government regulations. The OMB staff are appointed by the President, but unlike other appointments, they do not need Senate confirmation. The duty of preparing the fiscal budget, and what this means for fiscal policy, has made the director of the OMB one of the more influential economic positions in country, ranking just a notch below the Chairman of the Federal Reserve System's Board of Governors and the Chairman of the Council of Economic Advisors. The Congressional counterpart of the OMB is the Congressional Budget Office (CBO).

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Lesson 11: Elasticity Basics | Unit 1: The Concept Page: 2 of 25

Topic: Responsiveness <=PAGE BACK | PAGE NEXT=>

  • The elasticity definition goes something like this...

  • Elasticity is the relative response of one variable to changes in another variable.
  • The phrase "relative response" is best interpreted as "percentage change."

  • In other words, elasticity is a measure of the percentage change in one variable relative to the percentage change in another variable.

  • The two most important variables that we are concerned with are price and quantity.

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RISK NEUTRALITY

A preference for risk in which a person is indifferent between guaranteed or certain income over risky income. Risk neutrality arises due to constant marginal utility of income. A risk neutral person has no preference for or against risk. This is one of three risk preferences. The other two are risk aversion and risk loving.

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APLS

PINK FADFLY
[What's This?]

Today, you are likely to spend a great deal of time searching the newspaper want ads looking to buy either several magazines on fashion design or a package of 3 by 5 index cards, the ones without lines. Be on the lookout for poorly written technical manuals.
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A scripophilist is one who collects rare stock and bond certificates, usually from extinct companies.
"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. "

-- B. C. Forbes, founder, Forbes magazine

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