Category: Education
Created by: zzcgood
Number of Blossarys: 7
The act of accumulating assets, especially goods or money, over and above that needed for immediate use based on the fear or expectation of future shortages and higher prices. For example, concerns ...
The quantity exchanged between buyers and sellers when a market is in equilibrium. The equilibrium quantity is simultaneously equal to both the quantity demanded and quantity supplied, which means ...
A principle stating that as more and more of a variable input is combined with a fixed input in short-run production, the marginal product of the variable input eventually declines. This is THE ...
A decline in investment caused by expansionary fiscal policy. When government counteracts a recession with an increase in spending or a reduction in taxes (both resulting in an increase in the ...
The relative response of a change in demand to a relative change in the price of another good. More specifically the cross elasticity of demand can be defined as the percentage change in demand for ...
Two goods that "go together," either in consumption or production. In terms of demand, a complement-in-consumption is one of two goods that are consumed together such that an increase in the price of ...
A market with a large number of buyers and a large number of sellers, such that no single buyer or seller is able to influence the price or any other aspect of the market -- no one has any market ...
By: zzcgood