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PPF: The abbreviation for production possibilities frontier, which is a curve that illustrates the production possibilities for the economy. A production possibilities frontier represents the boundary or frontier of the economy's production capabilities. That's why it's termed a production possibilities frontier (or PPF). As a frontier, it is the maximum production possible given existing (fixed) resources and technology. Producing on the curve means resources are fully employed, while producing inside the curve means resources are unemployed. The law of increasing opportunity cost is what gives the curve its distinctive convex shape.
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PRICE ELASTICITY OF DEMAND The relative response of a change in quantity demanded to a change in price. More specifically the price elasticity of demand is the percentage change in quantity demanded due to a percentage change in price. This notion of elasticity captures the demand side of the market. A comparable elasticity on the supply side is the price elasticity of supply. Other notable demand elasticities are income elasticity of demand and cross elasticity of demand.
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BROWN PRAGMATOX
[What's This?]
Today, you are likely to spend a great deal of time watching the shopping channel hoping to buy either decorative garden figurines or a wall poster commemorating last Friday (you know why). Be on the lookout for the last item on a shelf.
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The penny is the only coin minted by the U.S. government in which the "face" on the head looks to the right. All others face left.
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"A people that values its privileges above its principles soon loses both. " -- Dwight Eisenhower, 34th US president
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CRRA
Constant Relative Risk Aversion
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