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COMMUNISM: In theory, an economy based on -- (1) a classless society, where everyone does their best to contribute to the common good, (2) a common, rather than individual, ownership of all resources, (3) the complete disappearance of government, and (4) income allocated based entirely on need rather than on resource ownership or contribution to production (that is, a needs standard, compare contributive standard).
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Lesson 9: Consumer Demand | Unit 3: Marginal Utility
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Page: 12 of 22
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Topic:
Diminishing Marginal Utility
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- The law of diminishing marginal utility is a principle stating that as more of a good is consumed eventually each additional unit of the good provides less additional utility; that is, marginal utility declines as the quantity consumed increases.
- These declining marginal utility values illustrate the law of diminishing marginal utility.
- The law of diminishing marginal utility is the key principle for understanding market demand and the law of demand.
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INELASTIC DEMAND The general elasticity relation in which relatively large changes in price cause relatively small changes in quantity demanded. Large changes in price cause relatively small changes in quantity demanded or the percentage change in quantity demanded is smaller than the percentage change in price. This characterization of elasticity is most important for the price elasticity of demand. Inelastic demand is one of two general elasticity relations for demand. The other is elastic demand.
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WHITE GULLIBON
[What's This?]
Today, you are likely to spend a great deal of time at a going out of business sale looking to buy either a bookshelf that will fit in your closet or a birthday greeting card for your grandfather. Be on the lookout for mail order catalogs with hidden messages.
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This isn't me! What am I?
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It's estimated that the U.S. economy has about $20 million of counterfeit currency in circulation, less than 0.001 perecent of the total legal currency.
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"Old age isn't so bad when you consider the alternative. " -- Cato, Roman orator
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Q-RATIO
Ratio of Total Market Value of Physical Assets
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