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PRICE ELASTICITY OF DEMAND: The relative response of a change in quantity demanded to a relative change in price. More specifically the price elasticity of demand can be defined as the percentage change in quantity demanded due to a percentage change in demand price. The price elasticity of demand should be compared with the price elasticity of supply.
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SERVICES, CONSUMPTION Personal consumption expenditures on activities that provide direct satisfaction of wants and needs without the production of tangible goods. Common examples are information, entertainment, and education. This is one of three categories of personal consumption expenditures in the National Income and Product Accounts maintained by the Bureau of Economic Analysis. The other two are durable goods and nondurable goods. Services are about 60 percent of personal consumption expenditures and 40 percent of gross domestic product.
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BEIGE MUNDORTLE
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Today, you are likely to spend a great deal of time visiting every yard sale in a 30-mile radius hoping to buy either an extra large beach blanket or a large flower pot shaped like a Greek urn. Be on the lookout for slow moving vehicles with darkened windows.
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Ragnar Frisch and Jan Tinbergen were the 1st Nobel Prize winners in Economics in 1969.
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"You can't use up creativity. The more you use, the more you have. " -- Maya Angelou, poet
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BOJ
Bank of Japan
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