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HARROD-DOMAR MODEL: A model economic growth developed by R. F. Harrod and E. D. Domar that seeks to explain why an economy would not grow as fast has its potential growth rate. This model is based on the notion that actual income determines the amount saving, which is determines investment, which is what affects the rate of economic growth. If saving is not enough, the potential growth rate will not be achieved. The Harrod-Domar model, developed in the 1930s, has a strong Keynesian economic flavor, both indicating that the economy does not automatically achieve its potential.
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Lesson 11: Elasticity Basics | Unit 4: A Continuum
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Page: 21 of 25
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- Let's end this unit with what lies in the middle of the elasticity continuum lies unit elastic.
- Unit elastic is an elasticity alternative in which any percentage change in one variable (price) causes an equal percentage change in another variable (quantity).
- This applies to both the price elasticity of demand and the price elasticity of supply, because the negative value of the price elasticity of demand is ignored.
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ADVERSE SELECTION An inefficient, bad, or adverse outcome of a market exchange that results because buyers and/or sellers make decisions based on asymmetric information. This commonly results in a market that exchanges a lesser quality good, what is termed the market for lemons. Two related problems resulting from asymmetric information are moral hazard and the principal-agent problem. Two methods of lessoning the problem of adverse selection are signalling and screening.
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GREEN LOGIGUIN
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Today, you are likely to spend a great deal of time strolling around a discount warehouse buying club wanting to buy either software that won't crash your computer or any book written by Stephan King. Be on the lookout for defective microphones.
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In the late 1800s and early 1900s, almost 2 million children were employed as factory workers.
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"Divide each difficulty into as many parts as is feasible and necessary to resolve it." -- Rene Descartes
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ANN REPT
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