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AFRICAN DEVELOPMENT BANK: A regional multilateral development institution engaged in promoting the economic development and social progress of its member countries in Africa. The Bank, established in 1964, started functioning in 1966 with its Headquarters in Abidjan, Cote d' lvoire. The Bank borrows funds from the international money and capital markets. Its shareholders are the 53 countries in Africa as well as 24 countries in the Americas, Europe, and Asia.

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Lesson 5: Market Demand | Unit 2: Law of Demand Page: 6 of 20

Topic: Income Effect <=PAGE BACK | PAGE NEXT=>

An important question is: Why does the law of demand work? Two reasons are income effect and substitution effect.

First, the income effect. This is the change in quantity demanded that results because a change in price gives a buyer more real income, even though money income remains unchanged.

  • The reason is that buyers have limited income.
  • Any change in price affects the purchasing power of buyers' limited income. A higher price means a given income can buy less and a lower price means a given income can buy more.

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MACROECONOMIC PROBLEMS

Undesirable situations that exist in the macroeconomy, largely because one or more of the macroeconomic goals are not satisfactorily attained. The primary problems are unemployment, inflation, and stagnant growth. Macroeconomic theories are designed to explain why these problems emerge and to recommend corrective policies.

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YELLOW CHIPPEROON
[What's This?]

Today, you are likely to spend a great deal of time driving to a factory outlet wanting to buy either a turbo-powered vacuum cleaner or a battery-powered, rechargeable vacuum cleaner. Be on the lookout for cardboard boxes.
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The first paper currency used in North America was pasteboard playing cards "temporarily" authorized as money by the colonial governor of French Canada, awaiting "real money" from France.
"The majority of men meet with failure because of their lack of persistence in creating new plans to take the place of those that fail. "

-- Napoleon Hill, author

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