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LUXURY GOOD: In general, a good (or service) that is not essential but makes like more enjoyable. Luxury goods are often more expensive and primarily purchased by people with more wealth and income. Using more precise, technical language, a luxury good exists if the income elasticity of demand is positive and greater than one. In other words, as people receive more income, they devote an increasingly larger share of income to the purchase of luxury goods.
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MARGINAL ANALYSIS A basic technique used in economics that analyzes small, incremental changes in key variables. Marginal analysis is the primary analytical approached used in the study of markets, production, consumption, business cycles, and economic policies. It not only reflects how most economic decisions are made, it also lends itself to mathematical and graphical analysis.
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BLUE PLACIDOLA
[What's This?]
Today, you are likely to spend a great deal of time searching for a specialty store hoping to buy either an AC adapter for your CD player or storage boxes for your family photos. Be on the lookout for letters from the Internal Revenue Service.
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Three-forths of the gold mined each year is used to manufacture jewelry.
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"To sit back and let fate play its hand out, and never influence it, is not the way man was meant to operate." -- John Glenn, astronaut, U.S. senator
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MPI
Marginal Propensity to Invest
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