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BUDGET CONSTRAINT: The alternative combinations of two different goods that can be purchased with a given income and given prices of the two goods. This budget constraint, also termed budget line, plays a major role in the analysis of consumer demand using indifference curve analysis. Indifference curves represents the "willingness" aspect of consumer demand, the budget constraint captures the "ability". One key consumer demand topic is to analyze how consumer equilibrium is affected by changes in the price of one good. Then end result of this analysis is a demand curve. For more fascinating uses of the budget constraint and indifference curves, and consumer demand analysis, see income-consumption curve and price-consumption curve.
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ELASTICITY The relative response of one variable to changes in another variable. Elasticity is commonly used in the study of market exchanges to identify the relative response of quantity (demanded and supplied) to changes in price. The phrase "relative response" is best interpreted as the percentage change, such as, the percentage change in quantity measured against the percentage change in price. The most common notions of elasticity are the price elasticity of demand and the price elasticity of supply. Other notable economic elasticities are the income elasticity of demand and the cross elasticity of demand.
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BEIGE MUNDORTLE
[What's This?]
Today, you are likely to spend a great deal of time flipping through the yellow pages seeking to buy either a coffee cup commemorating next Thursday or a replacement remote control for your stereo system. Be on the lookout for strangers with large satchels of used undergarments.
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A half gallon milk jug holds about $50 in pennies.
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"The greatest things ever done on Earth have been done little by little. " -- William Jennings Bryan
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M2
M1 plus savings types of near monies, including savings deposits, certificates of deposits, money market deposits, repurchase agreements, and Eurodollars
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