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BUDGET PROPORTION: One of three elasticity determinants (time period and substitute availability are the other two) stating that the elasticity of a good tends to be greater when the proportion of the budget devoting to the good is greater. In other words, the price elasticity of demand for housing (which takes up a sizeable portion of most budgets) is greater than that for a pair of socks (which does not take up much of most budgets). Even small percentage changes in goods that constitute a sizeable share of income can be quite large in absolute terms. As such, buyers tend to more sensitive to price changes in big-budget expenditures. This elasticity determinant works primarily for the price elasticity of demand.
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BLUE PLACIDOLA
Your compete MICRO*scope for today
You are the type of person who could move at a faster pace if you had too, but you've yet to find a reason. Family and friends use you either as a paperweight or boundary marker. Today, you are likely to spend a great deal of time watching the shopping channel hoping to buy either a video camera with stop action features or one of those memory foam pillows. Be on the lookout for neighborhood pets, especially belligerent parrots. You should consider shopping at stores or businesses beginning with the letter Z, but do not buy any products with a serial number or product code containing the number 861085. Your preferred shopping venue is department stores. Your special symbol is the at sign (@).
Is this You?
As a Blue Placidola, you are easy-going and even-tempered, calm and composed. For you, the hectic pace of a crowded shopping mall during the holiday rush is nothing, it's little more than a tranquil stroll in the park. Life is good. Life goes on. Why worry. You are a happy shopper and you seldom fret over trivial details of a market exchange, in part because you are astute enough to get moderately low prices and relatively good deals.
This isn't me! What am I?
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INSTITUTION An established method or way of performing an activity that is widely accepted throughout society. Institutions provide the rules, guidelines, and structure needed to carry out day-to-day economic activities, such as production, consumption, and exchange.
Complete Entry | Visit the WEB*pedia |
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Keeping The Lid On INFLATIONIt's Thursday! It's 2:30 in the afternoon! IT'S PRETZEL TIME!! We must make a brief stop at one of Shady Valley's most acclaimed business establishments -- Max Mulroney's Pretzel Haven. My favorite, of course, is pretzel-on-a-stick. An ample supply of barbecue sauce is standard fair. I'm taken aback! Max has raised his pretzel prices once again -- for the third Thursday in a row. What sort of chicanery is at work here? Is Max trying to gouge the pretzel lovers of Shady Valley? Max says, quite emphatically, NO! His pretzel producing cost has risen. It seems, he explains, to be a pervasive problem throughout Shady Valley. He's not alone in pumping up prices. A quick price checking, window shopping expedition through the Shady Valley Central Town Sprawling Hills Shopping Mall, Mega-Mart Discount Warehouse Super Center, Manny Mustard's House of Sandwiches, and even Dr. Nova Cain's dental office reveals truth to Max's claim. Prices all over Shady Valley are rising. I suspect that there's only one way to unravel the intricacies of this mystery, we're need to examine the topic of inflation.
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Lombard Street is London's equivalent of New York's Wall Street.
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"It is the mark of an educated mind to be able to entertain a thought without accepting it." -- Aristotle
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WE
Walrasian Equilibrium
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