|
|
BANK PANIC: Economy-wide concern over the stability of the banking system prompted by the failure of a few banks, which then contributes to the failure of many more banks, which contributes to the failure of even more banks, in a snowballing effect.
Visit the GLOSS*arama
|
|
|
|
|
Lesson 3: Scarcity | Unit 3: Opportunity Cost
|
Page: 10 of 17
|
The pervasive problem of scarcity makes opportunity cost fundamental to life itself and to the study of economics.- Economists use the term economic cost to mean opportunity cost. They also just use the term cost.
- Cost is foregone alternative, not necessarily the amount of money paid. Money is a way to keep score. Money is a good way to measure opportunity cost, but not the only way.Two types of opportunity or economic costs:
- Explicit opportunity cost: Out-of-pocket or accounting cost that involves a money payment.
- Implicit opportunity cost: Cost that does not involve a money payment.
|
|
|
|
|
|
|
ELASTICITY ALTERNATIVES Five categories of elasticity that form a continuum indicating the relative responsiveness of a change in one variable (usually quantity demanded or quantity supplied) to a change in another variable (usually price). These five alternatives--perfectly elastic, relatively elastic, unit elastic, relatively inelastic, and perfectly inelastic--are most often used to categorize the price elasticity of demand and the price elasticity of supply.
Complete Entry | Visit the WEB*pedia |
|
|
GREEN LOGIGUIN
[What's This?]
Today, you are likely to spend a great deal of time at a dollar discount store trying to buy either a how-to book on surfing the Internet or a computer that can play music and burn CDs. Be on the lookout for florescent light bulbs that hum folk songs from the sixties.
Your Complete Scope
This isn't me! What am I?
|
|
|
Post WWI induced hyperinflation in German in the early 1900s raised prices by 726 million times from 1918 to 1923.
|
|
|
"Many people think that if they were only in some other place, or had some other job, they would be happy. Well, that is doubtful. So get as much happiness out of what you are doing as you can and don't put off being happy until some future date. " -- Dale Carnegie
|
|
PSBR
Public Sector Borrowing Requirement
|
|
|
Tell us what you think about AmosWEB. Like what you see? Have suggestions for improvements? Let us know. Click the User Feedback link.
User Feedback
|
|
