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CHANGE IN DEMAND: A shift of the demand curve caused by a change in one of the demand determinants. In essence, a change in demand is caused by any factor affecting demand EXCEPT price. This concept should be contrasted directly with a change in quantity demanded. You should also review the terms change in quantity supplied and change in supply, too. A change in demand is a change in ALL demand price-quantity demanded pairs, meaning that each price is matched up with a different quantity (which is illustrated as a shift of the demand curve). And this change in demand is caused by a change in any of the demand determinants. In contrast, a change in quantity demanded is a change from one price-quantity pair to the another (which is illustrated as a movement along a given demand curve).

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Lesson 11: Elasticity Basics | Unit 4: A Continuum Page: 20 of 25

Topic: Relatively Inelastic <=PAGE BACK | PAGE NEXT=>

  • Another large section of the elasticity continuum is comprise of relatively inelastic:

  • Relatively inelastic is an elasticity alternative in which relatively large changes in one variable (price) cause relatively small changes in another variable (quantity).
  • Once again, this works 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 inelastic demand and supply are represented by relatively steep, but not perfectly vertical, demand and supply curves.

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BALANCE OF TRADE DEFICIT

The negative difference of the value of goods and services exported out of a country less the value of goods and services imported into the country. A balance of trade deficit is the official term for negative net exports that occurs when imports exceed exports. A balance of trade deficit is also termed an "unfavorable" balance of trade because it results in a net outflow of monetary payments from the domestic economic to the foreign sector, which tends to be bad for a country. The alternative is a balance of trade surplus in which exports exceed imports.

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The penny is the only coin minted by the U.S. government in which the "face" on the head looks to the right. All others face left.
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