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PERSONAL INCOME AND NATIONAL INCOME: Personal income (PI) is the total income received by the members of the domestic household sector, which may or may not be earned from productive activities during a given period of time. National income (NI) is the total income earned by the citizens of the national economy resulting from their ownership of resources used in the production, which may or may not be received by members of the household sector. Personal income can be derived from national income by subtracting income earned but not received (IEBNR) and adding income received but not earned (IRBNE).
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Lesson 12: Elasticity and Demand | Unit 4: Determinants
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Page: 21 of 25
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In this unit, you should have learned about:- Substitute availability as the key elasticity determinant that affects the value of the coefficient of elasticity.
- Why goods with more close substitutes tend to be more elastic and goods with fewer closer substitutes tend to be inelastic.
- Why elasticity is greater for longer time periods because buyers have more time to find available substitutes.
- Why elasticity is greater for goods that constitute a larger proportion of buyers' budgets and smaller for goods that make up a smaller proportion of buyers' budgets.
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MONOPOLISTIC COMPETITION A market structure characterized by a large number of small firms, similar but not identical products sold by all firms, relative freedom of entry into and exit out of the industry, and extensive knowledge of prices and technology. This is one of four basic market structures. The other three are perfect competition, monopoly, and oligopoly. Monopolistic competition approximates most of the characteristics of perfect competition, but falls short of reaching the ideal benchmark that IS perfect competition. It is the best approximation of perfect competition that the real world offers.
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WHITE GULLIBON
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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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Approximately three-fourths of the U.S. paper currency in circular contains traces of cocaine.
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"The past is a foreign country; they do things differently there." -- Leslie Poles Hartley, Writer
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