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YELLOW-DOG CONTRACT: An agreement signed by workers before they are hired, stipulating that they would not join a union after they are hired. This contract was commonly used by firms in the late 1800s and early 1900s to limit labor union membership and thus to prevent unions from exerting control over the labor market. Yellow-dog contracts were outlawed by the Norris-LaGuardia Act in 1932.

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Lesson 11: Elasticity Basics | Unit 2: A Little More Page: 6 of 25

Topic: Two Categories <=PAGE BACK | PAGE NEXT=>

  • Demand responsiveness can be classified into one of two broad categories:

  • Elastic:

  • A good is said to be elastic if quantity is very responsive to the price. To be more specific:

  • Elastic means the percentage change in quantity is greater than the percentage change in price.
  • Inelastic:

  • A good is said to be inelastic if quantity is NOT very responsive to the price. To be more specific:

  • Inelastic means the percentage change in quantity is less than the percentage change in price.

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AGGREGATE SUPPLY DECREASE, SHORT-RUN AGGREGATE MARKET

A shock to the short-run aggregate market caused by a decrease in aggregate supply, resulting in and illustrated by a leftward shift of the short-run aggregate supply curve. A decrease in aggregate supply in the short-run aggregate market results in an increase in the price level and a decrease in real production. The level of real production resulting from the shock can be greater or less than full-employment real production.

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Today, you are likely to spend a great deal of time wandering around the downtown area looking to buy either any book written by Isaac Asimov or a how-to book on building remote controlled airplanes. Be on the lookout for crowded shopping malls.
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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.
"Think not of yourself as the architect of your career but as the sculptor. Expect to have to do a lot of hard hammering and chiseling and scraping and polishing. "

-- B. C. Forbes, founder, Forbes magazine

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