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MARGINAL ANALYSIS: A basic technique used in the economics that analyzes small, incremental changes in key variables. The economic obsession with marginal changes exists for at least two reasons. One reason is that many economic decisions made in the real world are made "at the margin." A second reason for using marginal analysis can best be termed analytical sophistication.
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INELASTIC DEMAND The general elasticity relation in which relatively large changes in price cause relatively small changes in quantity demanded. Large changes in price cause relatively small changes in quantity demanded or the percentage change in quantity demanded is smaller than the percentage change in price. This characterization of elasticity is most important for the price elasticity of demand. Inelastic demand is one of two general elasticity relations for demand. The other is elastic demand.
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YELLOW CHIPPEROON
[What's This?]
Today, you are likely to spend a great deal of time at a dollar discount store seeking to buy either a printer that works with your stockpile of ink cartridges or income tax software. Be on the lookout for bottles of barbeque sauce that act TOO innocent.
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This isn't me! What am I?
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The wealthy industrialist, Andrew Carnegie, was once removed from a London tram because he lacked the money needed for the fare.
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"When we do the best we can, we never know what miracle is wrought in our life or in the life of another. " -- Helen Keller, lecturer, author
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FITW
Federal Income Tax Witholding
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