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EURODOLLARS: Bank accounts denominated in U.S. dollars but held in banks outside of the United States. This is notable because banks typically maintain deposits in their domestic currency. Deposits in a German bank, for example, would be denominated in German marks. Originally Eurodollars were dollar deposits in European banks (hence the term "Eurodollars"). However, the notion of deposits held by a bank in currency other than that of the domestic economy has become a common practice around the world. Eurodollars are near monies added to M1 to obtain broader monetary aggregates, M2 and M3.
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Lesson 12: Elasticity and Demand | Unit 1: An Overview
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Page: 1 of 25
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Topic:
Elasticity And Demand
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- A review:
- Demand is the willingness and ability to buy a range of quantities of a good at a range of prices, during a given time period.
- The key demand principle is, of course, the law of demand:
- The law of demand states that an inverse relation exists between demand price and the quantity demanded, ceteris paribus.
- The answer to these related questions rests with the notion of elasticity. Let's review elasticity.
- Elasticity is the relative response of one variable, such as quantity, to changes in another variable, such as price.
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ALLOCATIVE EFFICIENCY Obtaining the most consumer satisfaction from available resources. In other words, resources are allocated in such a way that consumer satisfaction is at its highest possible level. This is also termed either efficiency or economic efficiency.
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WHITE GULLIBON
[What's This?]
Today, you are likely to spend a great deal of time strolling through a department store looking to buy either a coffee cup commemorating the first day of winter or a video game player. Be on the lookout for neighborhood pets, especially belligerent parrots.
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A communal society, a prime component of Karl Marx's communist philosophy, was advocated by the Greek philosophy Plato.
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"The past is a foreign country; they do things differently there." -- Leslie Poles Hartley, Writer
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