|
|
INCOME, DEMAND DETERMINANT: One of the five demand determinants assumed constant when a demand curve is constructed, and that shift the demand curve when they change. Income affects demand differently for normal goods and inferior goods. A normal good, the name indicates, is affected by income much as you might expect. Additional income allows buyers to purchase more normal goods, thus demand increases with an increase in income. The demand for an inferior good is affected exactly opposite. An increase in income causes a decrease in the demand for an inferior good. Buyers decide to buy less of an inferior good when they have additional income.
Visit the GLOSS*arama
|
|

|
|
|
IMPLICIT COST An opportunity cost that does not involve a monetary payment or any other form of compensation. The monetary payment that is often made to compensate the person who initially foregoes the satisfaction is not made for implicit cost. There is no payment to transfer the burden of the opportunity cost from the original person to someone else. Implicit cost is also occasionally termed implicit opportunity cost.
Complete Entry | Visit the WEB*pedia |


|
|
PURPLE SMARPHIN [What's This?]
Today, you are likely to spend a great deal of time flipping through mail order catalogs trying to buy either a small palm tree that will fit on your coffee table or several magazines on fashion design. Be on the lookout for a thesaurus filled with typos. Your Complete Scope
This isn't me! What am I?
|
|
|
The standard "debt" notation I.O.U. does not mean "I owe you," but actually stands for "I owe unto..."
|
|
|
"A successful man is one who can lay a firm foundation with the bricks others have thrown at him. " -- David Brinkley, newsman
|
|
CMB Cash Management Bills
|
|
|
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
|

|