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GRAPH: A picture, image, or diagram that is used to display information. Graphs are most commonly used in the economics to depict relations between two variables, that is a two-dimensional graph. The market diagram is perhaps the most noted graph used in economics. This graph reflects the market price on the vertical axis and the quantity exchanged on the horizontal axis. The two key relations depicted on the graph are the demand curve, which is an inverse relation between price and quantity, and the supply curve, which is a direct relation between price and quantity.
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ELASTICITY ALTERNATIVES, DEMAND Five categories of the price elasticity of demand that reflect the entire range of the relative responsiveness of a change in quantity demanded to a change in price. These five alternatives--perfectly elastic, relatively elastic, unit elastic, relatively inelastic, and perfectly inelastic--are often illustrated by different demand curves. The price elasticity of supply is also reflected by five comparable alternatives.
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Today, you are likely to spend a great deal of time surfing the Internet trying to buy either a black duffle bag with velcro closures or any book written by Isaac Asimov. Be on the lookout for attractive cable television service repair people.
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The first paper notes printed in the United States were in denominations of 1 cent, 5 cents, 25 cents, and 50 cents.
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"As is our confidence, so is our capacity. " -- William Hazlitt, essayist
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APP
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