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INFRASTRUCTURE: Capital used for transportation, communication, and energy delivery. This is often termed social overhead capital because it provides the basic capital foundation needed by an economy before business capital can adequately do its job.

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Lesson 12: Elasticity and Demand | Unit 4: Determinants Page: 19 of 25

Topic: Time Period <=PAGE BACK | PAGE NEXT=>

  • The time period determinant works like this:

    • Demand tends to be relatively inelastic for a good over a shorter time period.

    • Demand tends to be relatively elastic for a good over a longer time period.

  • The longer the time period, the more time that buyers have to identify and switch between available substitutes.

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BANK RUN

A situation in which a relatively large number of a bank's customers attempt to withdraw their deposits in a relatively short period of time, usually within a day or two. While common throughout the 1800s and early 1900s, government deposit insurance has largely eliminated banks runs in the modern economy. Historically a bank run was prompted by fears that the bank was on the verge of collapse, causing deposits to become worthless. Ironically a bank run often caused the bank to fail. Bank runs were often infectious, leading to economy-wide bank panics and business-cycle contractions.

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Today, you are likely to spend a great deal of time browsing about a thrift store seeking to buy either a packet of address labels large enough for addresses of both the sender and the recipient or a key chain with a built-in flashlight and panic button. Be on the lookout for door-to-door salesmen.
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A lump of pure gold the size of a matchbox can be flattened into a sheet the size of a tennis court!
"The vacuum created by failure to communicate will quickly be filled with rumor, misrepresentations, drivel and poison. "

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