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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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IMPERFECT COMPETITION Markets or industries with two or more sellers and buyers that fail to match the criteria of perfect competition. The most noted examples of imperfect competition are the two market structures with selling-side control--monopolistic competition and oligopoly. Lesser known market structures with buying-side control--monopsonistic competition and oligopsony--are also considered as imperfect competition. Facing no competition, monopoly and monopsony are not included. Most real world markets can be considered imperfect competition.
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Paper money used by the Commonwealth of Massachusetts prior to the U.S. Revolutionary War, which was issued against the dictates of Britain, was designed by patriot and silversmith, Paul Revere.
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"The roots of education are bitter, but the fruit is sweet." -- Aristotle, philosopher
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S&P 500
Standard&Poor's Stock Index
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