Elasticity in the Economy
Elasticity is a measure of the responsiveness of one variable to another. The greater the
elasticity, the greater the responsiveness.
Price Elasticity of Demand (ED) ED = (Percentage change in quantity demanded)/
1. Say a pill existed that made people selfless. After taking it they were only interested in others
not themselves. Under the coordination definition of economics:
a. no economic problem would exist.
B. there would still be an economic problem.
National Income Accounting
National Income Accounting - A set of rules and definitions for measuring economic
activity in the aggregate economy that is, in the economy as a whole.
National income accounting is a way of measuring total,
or aggregate produc
ECONOMIC GROWTH, BUSINESS CYCLES, UNEMPLOYMENT AND INFLATION
Macroeconomics is the study of the economy as a whole. The four central problems are:
-Growth, Business Cycles, Unemployment, and Inflation
Two Frameworks: The Long Run and the S
Money, Banking, and the Financial Sector
Financial Sector - the market for the creation and exchange of financial assets such as
money, stocks, and bonds. For every transaction involving real goods and services, there
is a financial trans
The Market for advertising
In 2001, demand for advertising fell as the U.S. economy slowed down. The
supply/demand model would predict that price and quantity would fall. Instead of
lowering the price, the media offered higher quality a
International Financial Policies and Currencies
The balance of payments is a countrys record of all transactions between its residents and the
residents of foreign countries.
The current account lists all short-term payments. The balance of merchandise tr
Laws of Economics
Law of Demand there is an inverse relationship between price and quantity demanded.
Other things equal: Quantity demanded rises as prices fall. Quantity demanded falls as
prices rise. Law of demand is based on the fact that people substi
Productions in Market
A production possibilities curve illustrates opportunity cost by showing trade-offs among
choices we make. It measures the maximum number of outputs that can be achieved
from a given number of inputs.
The Production Possibility Curve
Principles and Breakdown of Economics
Economics is the study of how human beings coordinate their wants and desires, given
the decision-making mechanisms, social customs, and political realities of the society.
Coordination in Economics
Any economic syste
I choose to take this class because I would like to improve my fitness condition as well
as to increase in weight
I have played soccer for a greater part of life, so I have always been in a way or another