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MARKET-ORIENTED ECONOMY: A mixed economy that relies heavily on markets to answer the three basic questions of allocation, but with a modest amount of government involvement. While it is commonly termed capitalism, market-oriented economy is much more descriptive of how the economy is structure.
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Lesson 12: Elasticity and Demand | Unit 3: Measurement
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Page: 13 of 25
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Topic:
Slope And Elasticity
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- At first glance, it would seem that a demand curve with constant slope would also have constant elasticity. But this is apparently NOT the case. Why?
- First and foremost, slope measures the change of price relative to a change in quantity.
- Second, but also important, slope is measured in specific units (cents per minute), whereas elasticity is measured as percentage changes, with no specific units.
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PAYMENT FLOW In the circular flow, the transfer of money in payment in exchange for the counter-clockwise physical flow of goods and services. The payment flow is the monetary payment for goods and services received by the household sector from the business sector through product markets and the monetary payment for resource services obtained by the business sector from the household sector through resource markets. The payment flow is usually illustrated as a clockwise flow for a model with the product markets at the top, resource markets at the bottom, household sector at the left, and business sector at the left. The physical flow moves in the opposite direction.
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BROWN PRAGMATOX
[What's This?]
Today, you are likely to spend a great deal of time waiting for visits from door-to-door solicitors wanting to buy either pink cotton balls or a genuine down-filled comforter. Be on the lookout for the last item on a shelf.
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John Maynard Keynes was born the same year Karl Marx died.
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"Sometimes when you innovate, you make mistakes. It is best to admit them quickly and get on with improving your other innovations. " -- Steve Jobs, Apple Computer founder
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AID
Agency for International Development
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