|
|
DEMAND ELASTICITY AND TOTAL EXPENDITURE: The notion that price-induced changes in total expenditure for a good (price times quantity) depends on the relative price elasticity of demand. In particular, for relatively elastic demand (1 < E < ∞) changes in price cause total expenditure to change in the opposite direction. An increase in price causes total expenditure to fall and a decrease in price causes total expenditure to rise. For relatively inelastic demand (0 < E < 1) changes in price cause total expenditure to change in the same direction. An increase in price causes total expenditure to rise and a decrease in price causes total expenditure to fall. For unit elastic demand (E =1) price changes do not cause any change in total expenditure. Total expenditure is the same whether price increases or decreases.
Visit the GLOSS*arama
|
|
|
|
|
INTERNATIONAL TRADE The exchange of goods and services among the nations of the world. Also termed foreign trade when viewed from the perspective of a given country, the international exchange of production is comparable to any exchange, except that buyers and sellers are from different countries. The study of international trade highlights an important economic principle, the law of comparative advantage, which helps to explain not only why nations engage in trade but why individuals engage in trade. A related area of study is international finance, both of which are part of the broader study of international economics.
Complete Entry | Visit the WEB*pedia |
|
|
ORANGE REBELOON
[What's This?]
Today, you are likely to spend a great deal of time watching the shopping channel wanting to buy either an extra large beach blanket or a large flower pot shaped like a Greek urn. Be on the lookout for a thesaurus filled with typos.
Your Complete Scope
This isn't me! What am I?
|
|
|
The average length of a "business lunch" is about 36 minutes.
|
|
|
"The only place success comes before work is in the dictionary. " -- Vince Lombardi
|
|
NLS
National Longitudinal Survey
|
|
|
Tell us what you think about AmosWEB. Like what you see? Have suggestions for improvements? Let us know. Click the User Feedback link.
User Feedback
|
|
