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WANTS: This is often thought of as a psychological desire which makes life just a little more enjoyable, but which is not physiological necessary to life. You need oxygen, but you want a hot fudge sundae. Satisfaction is achieved by fulfilling wants.
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Lesson 12: Elasticity and Demand | Unit 5: Other Measures
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Page: 23 of 25
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Topic:
Income Elasticity Of Demand
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- How responsive is my demand to this change in my income? To answer these questions, we need the income elasticity of demand.
- Income elasticity of demand is the relative response of demand to changes in income.
- Or stated in percentage terms: the income elasticity of demand is the percentage change in demand resulting from a percentage change in buyers' income.
- For a normal good, income elasticity is positive, meaning that an increase in income leads to an increase in demand.
- For an inferior good, income elasticity is negative, meaning that an increase in income leads to a decrease in demand.
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ALTERNATIVE UNEMPLOYMENT RATES The official unemployment rate estimated and reported monthly by the Bureau of Labor Statistics (BLS) using data from Current Population Survey is one of six alternative measures of unemployment tracked and reported by the BLS, officially labeled sequentially U1 through U6. The "official" unemployment rate is U3. The other five measures seek to document different ways in which labor can be under utilized, including unemployment duration, job losers, discouraged workers, marginal workers, and part-time workers.
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PURPLE SMARPHIN
[What's This?]
Today, you are likely to spend a great deal of time watching the shopping channel seeking to buy either a pair of gray heavy duty boot socks or a 50-foot blue garden hose. Be on the lookout for small children selling products door-to-door.
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In the Middle Ages, pepper was used for bartering, and it was often more valuable and stable in value than gold.
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"Old age isn't so bad when you consider the alternative. " -- Cato, Roman orator
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DBD
Declining Balance Depreciation
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