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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 at an auction hoping to buy either rechargeable batteries or a rechargeable battery for your computer. Be on the lookout for celebrities who speak directly to you through your television.
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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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"A man flattened by an opponent can get up again. A man flattened by conformity stays down for good. " -- Thomas Watson Jr., executive
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AFA
Advertising Federation of America
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