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PEAK: The transition of a business cycle from an expansion and a contraction. The end of an expansions carries the descriptive term peak. At the peak, the economy has reached the highest level of production in recent times. The bad thing about a peak, however, is that it is a turning point, a turning point to a contraction. So even though a peak is the "highest" is not necessarily something we want. We would prefer never to reach the peak.
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Lesson 12: Elasticity and Demand | Unit 1: An Overview
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In this unit, you should have learned about:- A review of the demand concepts that relate to the study of elasticity, including the law of demand.
- A review of the elasticity concepts, including basic elasticity concept, and the price elasticity of demand.
- A review of the coefficient of elasticity and the midpoint formula for estimating elasticity.
- A review of the two broad elasticity categories -- elastic and inelastic.
- A review of the five elasticity alternatives -- perfectly elastic, relatively elastic, unit elastic, relatively inelastic, and perfectly inelastic.
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SERVICES, CONSUMPTION Personal consumption expenditures on activities that provide direct satisfaction of wants and needs without the production of tangible goods. Common examples are information, entertainment, and education. This is one of three categories of personal consumption expenditures in the National Income and Product Accounts maintained by the Bureau of Economic Analysis. The other two are durable goods and nondurable goods. Services are about 60 percent of personal consumption expenditures and 40 percent of gross domestic product.
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GREEN LOGIGUIN
[What's This?]
Today, you are likely to spend a great deal of time wandering around the shopping mall seeking to buy either storage boxes for your computer software CDs or a set of tires. Be on the lookout for small children selling products door-to-door.
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Francis Bacon (1561-1626), a champion of the scientific method, died when he caught a severe cold while attempting to preserve a chicken by filling it with snow.
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"Experience keeps a dear school, but fools will learn in no other. " -- Benjamin Franklin
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WIPO
World Intellectual Property Organization
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