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INCOME ELASTICITY OF DEMAND: The relative response of a change in demand to a relative change in income. More specifically the income elasticity of demand can be defined as the percentage change in demand due to a percentage change in buyers' income. The income elasticity of demand quantitatively identifies the theoretical relationship between income and demand.
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SUPPLY CURVE A graphical representation of the relation between the supply price and quantity supplied, holding all ceteris paribus supply determinants constant. A supply curve graphically illustrates the law of supply, the direct relation between supply price and quantity supplied for a particular good. It is one half of the standard market model. A demand curve is the other half.
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PURPLE SMARPHIN
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Today, you are likely to spend a great deal of time touring the new suburban shopping complex trying to buy either a set of tires or a birthday gift for your grandfather. Be on the lookout for letters from the Internal Revenue Service.
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The standard "debt" notation I.O.U. does not mean "I owe you," but actually stands for "I owe unto..."
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"In war, there is no second prize for the runner-up." -- Omar Bradley, US Army general
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IV
Instrumental Variables
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