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INEFFICIENCY: When the economy is NOT obtaining the highest level of consumer satisfaction from the available resources. Inefficiency occurs if it is possible to reallocate resources in a way that would generate greater satisfaction.
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Lesson 12: Elasticity and Demand | Unit 2: The Continuum
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Page: 5 of 25
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Topic:
Relative Adjustments
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- 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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AGGREGATE EXPENDITURES The total expenditures on gross domestic product undertaken in a given time period by the four sectors--household, business, government, and foreign. Expenditures made by each of these sectors are commonly termed consumption expenditures, investment expenditures, government purchases, and net exports. Aggregate expenditures (AE) are a cornerstone in the study of macroeconomics, playing critical roles in Keynesian economics, aggregate market analysis, and to a lesser degree, monetarism. In particular, aggregate expenditures are combined with the price level as aggregate demand.
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ORANGE REBELOON
[What's This?]
Today, you are likely to spend a great deal of time going from convenience store to convenience store hoping to buy either storage boxes for your computer software CDs or a set of tires. Be on the lookout for rusty deck screws.
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The first paper notes printed in the United States were in denominations of 1 cent, 5 cents, 25 cents, and 50 cents.
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"Plans are only good intentions unless they immediately degenerate into hard work." -- Peter Drucker, management consultant
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IRR
Internal Rate of Return
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