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OLIGOPOLY: A market structure dominated by a small number of large firms, selling either identical or differentiated products, and significant barriers to entry into the industry. This is one of four basic market structures. The other three are perfect competition, monopoly, and monopolistic competition.

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Lesson 12: Elasticity and Demand | Unit 2: The Continuum Page: 5 of 25

Topic: Relative Adjustments <=PAGE BACK | PAGE NEXT=>

  • The price elasticity of demand is the responsiveness of quantity demanded to changes in the demanded price.

  • In some cases, quantity demanded is very responsive to price changes, falling under the heading of elastic.

  • In other cases, quantity demanded is not very responsive to price changes, falling under the heading of inelastic.

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AVERAGE PROPENSITY TO SAVE

The proportion of household income that is used for saving. The average propensity to save (abbreviated APS) is really nothing more than average saving. Together with the average propensity to consume, it indicates how a given level of income is divided between consumption and saving. A related saving measure is the marginal propensity to save.

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APLS

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Today, you are likely to spend a great deal of time flipping through mail order catalogs looking to buy either a package of 4 by 6 index cards, the ones with lines or a 50 foot extension cord. Be on the lookout for empty parking spaces that appear to be near the entrance to a store.
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In his older years, Andrew Carnegie seldom carried money because he was offended by its sight and touch.
"Learn to enjoy every minute of your life. Be happy now. Don't wait for something outside of yourself to make you happy in the future. Think how really precious is the time you have to spend, whether it's at work or with your family. Every minuteshould be enjoyed and savored."

-- Earl Nightingale

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