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BUDGET CONSTRAINT: The alternative combinations of two different goods that can be purchased with a given income and given prices of the two goods. This budget constraint, also termed budget line, plays a major role in the analysis of consumer demand using indifference curve analysis. Indifference curves represents the "willingness" aspect of consumer demand, the budget constraint captures the "ability". One key consumer demand topic is to analyze how consumer equilibrium is affected by changes in the price of one good. Then end result of this analysis is a demand curve. For more fascinating uses of the budget constraint and indifference curves, and consumer demand analysis, see income-consumption curve and price-consumption curve.
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POINT ELASTICITY The relative responsiveness of a change in one variable (call it B) to an infinitesimally small change in another variable (call it A). The notion of point elasticity typically comes into play when discussing the elasticity at a specific point on a curve.
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Three-forths of the gold mined each year is used to manufacture jewelry.
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"Learn to enjoy every minute of your life. Be happy now. Don't wait for something outside of yourself to make you happy in the future. Think how really precious is the time you have to spend, whether it's at work or with your family. Every minuteshould be enjoyed and savored." -- Earl Nightingale
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