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ARC ELASTICITY: The average elasticity for discrete changes in two variables, A and B. The distinguishing characteristic of arc elasticity is that percentage changes are calculated based on the average of the initial and ending values of each variable, rather than only initial values. Arc elasticity is generally calculated using the midpoint formula. Arc elasticity should be compared with point elasticity. For infinitesimally small changes in variables A and B, arc elasticity is the same as point elasticity.
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SAVING FUNCTION A mathematical relation between saving and income by the household sector. The saving function can be stated as an equation, usually a simple linear equation, or as a diagram designated as the saving line. This function captures the saving-income relation, the flip side of the consumption-income relation that forms one of the key building blocks for Keynesian economics. The two key parameters of the saving function are the intercept term, which indicates autonomous saving, and the slope, which is the marginal propensity to save and indicates induced saving. The injections-leakages model used in Keynesian economics is based on the saving function.
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PINK FADFLY
[What's This?]
Today, you are likely to spend a great deal of time strolling through a department store seeking to buy either a key chain with a built-in flashlight and panic button or a green and yellow striped sweater vest. Be on the lookout for defective microphones.
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Only 1% of the U.S. population paid income taxes when the income tax was established in 1914.
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"Even a mistake may turn out to be the one thing necessary to a worthwhile achievement." -- Henry Ford
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MCA
Monetary Control Act of 1980
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