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PEAK: The transition of a business cycle from an expansion and a contraction. The end of an expansions carries the descriptive term peak. At the peak, the economy has reached the highest level of production in recent times. The bad thing about a peak, however, is that it is a turning point, a turning point to a contraction. So even though a peak is the "highest" is not necessarily something we want. We would prefer never to reach the peak.

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Lesson 11: Elasticity Basics | Unit 1: The Concept Page: 4 of 25

Topic: Some Definitions <=PAGE BACK | PAGE NEXT=>

  • The working, measurement based definition goes something like this:

  • Elasticity is the percentage change of one variable relative to the percentage change in another variable.
  • When applied to market analysis, specific elasticity definitions work for both demand and supply:

  • The price elasticity of demand is the percentage change in quantity demanded resulting from a percentage change in demand price.
  • The price elasticity of supply is the percentage change in quantity supplied resulting from a percentage change in supply price.

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CARTEL

A formal agreement between businesses in the same industry, usually on an international scale, to gain market control, raise the market price, and otherwise act like a monopoly. The most famous international cartel is the Organization of Petroleum Exporting Countries (OPEC), which seeks to exert control over the world oil market. Other cartels have existed, or still exist, in the global markets for uranium, diamonds, long distance telephone services, and airlines.

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Paper money used by the Commonwealth of Massachusetts prior to the U.S. Revolutionary War, which was issued against the dictates of Britain, was designed by patriot and silversmith, Paul Revere.
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