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KEYNESIAN MODEL: A macroeconomic model based on the principles of Keynesian economics that is used to identify the equilibrium level of, and analyze disruptions to, aggregate production and income. This model identifies equilibrium aggregate production and income as the intersection of the aggregate expenditures line and the 45-degree line. The Keynesian model comes in three basic variations designated by the number of macroeconomic sectors included--two-sector, three-sector, and four sector. The Keynesian model is also commonly presented in the form of injections and leakages in addition to the standard aggregate expenditures format. This model is used to analyze several important topics and issues, including multipliers, business cycles, fiscal policy, and monetary policy.

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Lesson 11: Elasticity Basics | Unit 5: Market Elasticity Page: 23 of 25

Topic: Four Measures <=PAGE BACK | PAGE NEXT=>

The four specific elasticity measurements that are most important for our study of the market are:
  • The price elasticity of demand.
    • The percentage change in quantity demanded resulting from a percentage in price.
  • The price elasticity of supply.
    • The percentage change in quantity supplied resulting from a percentage in price.
  • The income elasticity of demand.
    • The percentage change in demand resulting from a percentage in income.
  • The cross elasticity of demand.
    • The percentage change in demand resulting from a percentage in the price of another good

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HORIZONTAL EQUITY

A tax equity principle stating that people with the same ability to pay taxes should pay the same amount of taxes. This is one of two equity principles related to the ability-to-pay principle. The other is vertical equity, which states that people with a different ability to pay taxes should pay a different amount of taxes.

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A U.S. dime has 118 groves around its edge, one fewer than a U.S. quarter.
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