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WILLINGNESS TO PAY: The price or dollar amount that someone is willing to give up or pay to acquire a good or service. Willingness to pay is the source of the demand price of a good. However, unlike demand price, in which buyers are on the spot of actually giving up the payment, willingness to pay does not require an actual payment. This concept is important to benefit-cost analysis, welfare economics, and efficiency criteria, especially Kaldor-Hicks efficiency. A related concept is willingness to accept.

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Lesson 12: Elasticity and Demand | Unit 2: The Continuum Page: 6 of 25

Topic: Five Alternatives <=PAGE BACK | PAGE NEXT=>

  • A precise categorization separates elasticity into five alternatives along a continuum:

  • Perfectly inelastic demand results if the elasticity coefficient is 0.

  • In the range greater than 0 and less 1, demand is relatively inelastic.

  • If the coefficient is exactly equal to 1, demand is unit elastic.

  • Demand occupies the relatively elastic range of the continuum with an elasticity coefficient greater than 1 and less than infinity.

  • At the far extreme, perfectly elastic demand results if the elasticity coefficient is infinity.

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CLOSED ECONOMY

An economy that does not engage in international trade or other forms of interaction with other countries. That is, a closed economy neither exports goods and services to, nor imports goods and services from, other economies that make up its foreign sector. It is "closed" to the flow of goods and services into or out of the country. The alternative to a closed economy is an open economy, one that does engage in international trade.

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Today, you are likely to spend a great deal of time at a flea market seeking to buy either one of those memory foam pillows or a remote controlled train set. Be on the lookout for spoiled cheese hiding under your bed hatching conspiracies against humanity.
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Paper money used by the Commonwealth of Massachusetts prior to the U.S. Revolutionary War, which was issued against the dictates of Britain, was designed by patriot and silversmith, Paul Revere.
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