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LAGGING ECONOMIC INDICATOR: One of seven economic statistics that tend to move up or down a few months after the expansions and contractions of the business cycle. These statistics paint a pretty clear picture of what the economy was doing a few months back. Lagging economic indicators lag the turning points of the aggregate economy by 3-12 months. After a contraction begins, lagging indicators decline 3 to 12 months later. And 3 to 12 months after a expansion begins, lagging indicators rise.
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Lesson 12: Elasticity and Demand | Unit 3: Measurement
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Page: 12 of 25
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Topic:
The Demand Curve
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- Elasticity is NOT constant along the demand curve.
- In particular, the demand curve can be divided into the five elasticity alternatives:
- Perfectly elastic: At the point of intersection between the demand curve and the vertical price axis, demand is perfectly elastic.
- Relatively elastic: Over the "upper" half of the demand curve between midpoint and the vertical price axis, demand is relatively elastic.
- Unit elastic: At the exact midpoint that divides the demand curve into two equal segments, demand is unit elastic.
- Relatively elastic: Over the "lower" half of the demand curve between midpoint and the horizontal quantity axis, demand is relatively inelastic.
- Perfectly inelastic: At the point of intersection between the demand curve and the horizontal quantity axis, demand is perfectly inelastic.
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SECOND RULE OF SUBJECTIVITY The second of seven basic rules of the economy, stating that market prices are determined by subjective values and the preferences of buyers and resource owners. Contrary to popular opinion, prices and costs are not immutably facts of nature, but are ultimately based on what people are willing to pay or accept.
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BEIGE MUNDORTLE
[What's This?]
Today, you are likely to spend a great deal of time driving to a factory outlet seeking to buy either storage boxes for your computer software CDs or a set of tires. Be on the lookout for bottles of barbeque sauce that act TOO innocent.
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During the American Revolution, the price of corn rose 10,000 percent, the price of wheat 14,000 percent, the price of flour 15,000 percent, and the price of beef 33,000 percent.
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"Old age isn't so bad when you consider the alternative. " -- Cato, Roman orator
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SPO
Strongly Pareto Optimal
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