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Be ready to define any economic terms on Key Concepts.

Marginal changes in costs or benefits motivate people to respond. | People gain from their ability to trade with one another. | Efficiency v. equity Making decisions requires trading off one goal against another. | Explain how an attempt by the government to lower inflation could cause unemployment to increase in the short-run. Demonstrate your answer by explaining Philips Curve. | Chapter 4 | List and explain in detail four determinants of the price elasticity of demand. | E. personal computers or IBM personal computers |


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  1. A) Learn the information below to get a handle on some economic terms used in the text.
  2. A. In business, one way to obtain ……… is to create the impression one already has it.
  3. B) Translate the sentences into English paying attention to economic terms.
  4. Define the part of speech and the function of the words with -ed ending in the following sentences.
  5. Define the tense form of the predicate and translate the sentences. Compile general questions to the following sentences.
  6. Define the type of each door and window.

Elasticity a measure of the responsiveness of quantity demanded or quantity supplied to one of its determinants.

price elasticity of demand a measure of how much the quantity demanded of a good responds to a change in the price of that good, computed as the percentage change in quantity demanded divided by the percentage change in price.

total revenue the amount paid by buyers and received by sellers of a good, computed as the price of the good times the quantity sold.

 

income elasticity of demand a measure of how much the quantitydemanded of a good responds to a

change in consumers’ income, computed as the percentage change in quantity demanded divided by the percentage change in income.

 

cross-price elasticity of demand a measure of how much the quantitydemanded of one good responds to achange in the price of another good,computed as the percentage changein quantity demanded of the first

good divided by the percentage change in the price of the second good.

price elasticity of supply a measure of how much the quantity supplied of a good responds to a change in the price of that good, computed as the percentage change in quantity supplied divided by the percentage change in price.

 

 

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Supply is more elastic in the long run.| Путеводитель к свободе и радости
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