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DPI: The abbreviation for disposable personal income, which is the total income that can be used by the household sector for either consumption or saving during a given period of time, usually one year. This is the income left over after income taxes and social security taxes are removed and government transfer payments, like welfare, social security benefits, or unemployment compensation are added. Because consumption and saving are important to our economy for short-run stability and long-run growth, pointy-headed economists like to keep a close eye on disposable personal income. Disposable personal income is reported quarterly (every three months) in the National Income and Product Accounts maintained by the Bureau of Economic Analysis.

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Lesson 11: Elasticity Basics | Unit 2: A Little More Page: 7 of 25

Topic: Why Study: Market Shocks <=PAGE BACK | PAGE NEXT=>

  • How much price and quantity changes, however, depends on elasticity.

  • Demand Changes, Elastic Supply: With elastic supply any change in demand results in relatively large changes in quantity, but relatively small changes in price.

  • Demand Changes, Inelastic Supply: With inelastic supply any change in demand results in relatively small changes in quantity, but relatively large changes in price.

  • Supply Changes, Elastic Demand: With elastic demand any change in supply results in relatively large changes in quantity, but relatively small changes in price.

  • Supply Changes, Inelastic Demand: With inelastic demand any change in supply results in relatively small changes in quantity, but relatively large changes in price.

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COMPARATIVE STATICS

The technique of comparing the equilibrium resulting from a change in a determinant, or shock to a model, with the equilibrium that existed prior to the change. Comparative statics is the primary analytical technique used in the study of economics.

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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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A thousand years before metal coins were developed, clay tablet "checks" were used as money by the Babylonians.
"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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