Economic Terms Paper

Running Head: Economic Terms Paper

Economic Terms Paper

(University of Phoenix(

                      Economic Terms Paper
Part One
Economics
Economics is defined as the social science that deals with the production, distribution, and consumption of goods and services and with the theory and management of economies or economic systems. (Mifflin, 2005)
Supply and Demand
In economics, supply and demand describes market relations between prospective sellers and buyers of a good. The supply and demand model determines price and quantity sold in the market. (Wikipedia Encyclopedia)
Macroeconomics
Macroeconomics is the study of the overall aspects and workings of a national economy, such as income, output, and the interrelationship among diverse economic sectors. (Mifflin, 2005)
Microeconomics
Microeconomics is defined as the study of the operations of the components of a national economy, such as individual firms, households, and consumers. (Mifflin, 2005)
Elasticity
In economics, elasticity is the ratio of the proportionate change in one variable with respect to proportional change in another variable, such as the responsiveness of the price of a commodity to changes in market demand or visa-versa. (Wikipedia Encyclopedia)
Inelasticity
Inelasticity is defined as lacking elasticity; unyielding or unadaptable. (Mifflin, 2005)
Gross Domestic Product
GDP is the total market value of all the goods and services produced by a nation during a specified period. (Mifflin, 2005)
Part Two
Article One- Economics

House and Senate budget negotiators used $300 million from reserves Wednesday to erase sharp cuts planned for a pair of health programs serving 40,000 critically ill and elderly Floridians. The cash infusion keeps alive for another year the state's Medically Needy program and Medicaid Aged and Disabled coverage, which had been included in about $1 billion in proposed cuts to health and human services programs. Even after adding the... [continues]

Read full essay