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SERVICE: An activity that provides direct satisfaction of wants and needs without the production of a tangible product or good. Examples include information, entertainment, and education. This term service should be contrasted with the term good, which involves the satisfaction of wants and needs with tangible items. You're likely to see the plural combination of these two into a single phrase, "goods and services," to indicate the wide assortment of economic production from the economy's scarce resources.
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INCOME ELASTICITY OF DEMAND The relative response of a change in demand to a change in income. More specifically the income elasticity of demand is the percentage change in demand due to a percentage change in buyers' income. This notion of elasticity captures the buyers' income demand determinant. Three other notable elasticities are the price elasticity of demand, the price elasticity of supply, and the cross elasticity of demand.
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GREEN LOGIGUIN
[What's This?]
Today, you are likely to spend a great deal of time at the confiscated property police auction looking to buy either a rechargeable battery for your camera or a coffee cup commemorating the first day of spring. Be on the lookout for broken fingernail clippers.
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This isn't me! What am I?
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Al Capone's business card said he was a used furniture dealer.
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"Argue for your limitations, and sure enough, they're yours." -- Richard Bach
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SWIFT
Society for Worldwide Interbank Financial Telecommunications
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