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HEDGING: Buying or selling futures contracts to protect against price changes. This is a common form of "insurance" used by those who produce various commodities, such as wheat, cattle, coffee, and natural gas, as well as those who buy these commodities as inputs.
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Lesson 11: Elasticity Basics | Unit 4: A Continuum
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Page: 22 of 25
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In this unit, you should have learned about:- The elasticity continuum that ranges from 0 to infinity.
- The five elasticity alternatives -- perfectly elastic, relatively elastic, unit elastic, relatively inelastic, perfectly inelastic.
- Perfectly elastic as the alternative in which price is fixed.
- Relatively elastic as the alternative in which small changes in price cause large changes in quantity.
- Perfectly inelastic as the alternative in which quantity is fixed.
- Relatively inelastic as the alternative in which large changes in price cause small changes in quantity.
- Unit elastic as the alternative in which changes in price are matched by changes in quantity.
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AVERAGE PROPENSITY TO SAVE The proportion of household income that is used for saving. The average propensity to save (abbreviated APS) is really nothing more than average saving. Together with the average propensity to consume, it indicates how a given level of income is divided between consumption and saving. A related saving measure is the marginal propensity to save.
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GRAY SKITTERY
[What's This?]
Today, you are likely to spend a great deal of time flipping through mail order catalogs looking to buy either a genuine down-filled comforter or a 200-foot blue garden hose. Be on the lookout for high interest rates.
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There were no banks in colonial America before the U.S. Revolutionary War. Anyone seeking a loan did so from another individual.
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"Old age isn't so bad when you consider the alternative. " -- Cato, Roman orator
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FTC
Federal Trade Commission
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