lectur13-page26

lectur13-page26 - period of time rather than a stock...

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Income is a flow variable. In other words we typically receive our income over time. Wealth is a stock variable. It is a measure of our net worth (assets minus liabilities) at a particular point in time. 26 Quantity Demanded (Q d ) v Qd is a flow variable (measured over a
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Unformatted text preview: period of time) rather than a stock variable (measured at a point in time). v One point on the demand curve represents a single price : quantity demanded relationship PER UNIT OF TIME....
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