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BUDGET PROPORTION: One of three elasticity determinants (time period and substitute availability are the other two) stating that the elasticity of a good tends to be greater when the proportion of the budget devoting to the good is greater. In other words, the price elasticity of demand for housing (which takes up a sizeable portion of most budgets) is greater than that for a pair of socks (which does not take up much of most budgets). Even small percentage changes in goods that constitute a sizeable share of income can be quite large in absolute terms. As such, buyers tend to more sensitive to price changes in big-budget expenditures. This elasticity determinant works primarily for the price elasticity of demand.
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CORPORATION A business established through ownership shares (termed corporate stock) with limited liability of company debts by the owners. A corporation is considered a distinct legal person, separate from its owners. As such, the owners have limited liability. They are only liable for the value of the ownership share and cannot be held personally responsible for any corporate debts. A corporation is one of the three basic forms of business organization. The other two are proprietorship and partnership.
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PINK FADFLY
[What's This?]
Today, you are likely to spend a great deal of time at a dollar discount store wanting to buy either an instructional DVD on learning to the play the oboe or a small, foam rubber football. Be on the lookout for attractive cable television service repair people.
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In the early 1900s around 300 automobile companies operated in the United States.
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"You don't have to see the top of the staircase to take the first step.¾ " -- Martin Luther King, civil rights leader
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APC
Average Propensity to Consume
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