Supply and Demand and Price Elasticity
Economics glossary 3:
Terms:
Definitions:
Examples:
Cross Elasticity of Demand (XED).
Is a measure of how much the demand for a product changes when there is a change in the price of another product.
Determinants of Price Elasticity of Demand. is a measure used in economics to show the responsiveness, or elasticity of the quantity demanded of a good or services to a change in its price.
Determinants of Price Elasticity of Supply. is a measure of how much the supply of a product changes when there is a change in the price of the products.
Elasticity.
Is the measure of responsiveness. It measures how much something changes when there is a change in one of the factor that determines it.
Elastic Demand.
The demand of a product is sensitive to price change.
Elastic Supply. supply of a good or services that increases or decreases as the price of an item goes down or up.
Engel Curve.
It shows the relationship between income and the demand for a product over time.
Income Elasticity of Demand. (YED).
Is a measure of how much the demand for a product changes when there is a change in the consumer’s income.
Inelastic Demand.
Is the situation in which the demand for a good or service are unaffected when the price of the goods and services changes.
Inelastic Supply.
Is the situation in which the supply for a good or services are unaffected when the price of the goods and services changes.
Revenue. is the amount of money that is brought into a company by its business activities. In the case of government, revenue is the money received from taxation, fees, fines, intergovernmental grant or transfers, securities sales, mineral rights and resource right , as well as any sales that are made.
Price Elastic of Demand. (PED) price elasticity of demand is a measure of how much the quantity demanded of a product changes when there is a change in the price of the product.
Price Elastic of Demand for Commodities. is a measure of how
Terms:
Definitions:
Examples:
Cross Elasticity of Demand (XED).
Is a measure of how much the demand for a product changes when there is a change in the price of another product.
Determinants of Price Elasticity of Demand. is a measure used in economics to show the responsiveness, or elasticity of the quantity demanded of a good or services to a change in its price.
Determinants of Price Elasticity of Supply. is a measure of how much the supply of a product changes when there is a change in the price of the products.
Elasticity.
Is the measure of responsiveness. It measures how much something changes when there is a change in one of the factor that determines it.
Elastic Demand.
The demand of a product is sensitive to price change.
Elastic Supply. supply of a good or services that increases or decreases as the price of an item goes down or up.
Engel Curve.
It shows the relationship between income and the demand for a product over time.
Income Elasticity of Demand. (YED).
Is a measure of how much the demand for a product changes when there is a change in the consumer’s income.
Inelastic Demand.
Is the situation in which the demand for a good or service are unaffected when the price of the goods and services changes.
Inelastic Supply.
Is the situation in which the supply for a good or services are unaffected when the price of the goods and services changes.
Revenue. is the amount of money that is brought into a company by its business activities. In the case of government, revenue is the money received from taxation, fees, fines, intergovernmental grant or transfers, securities sales, mineral rights and resource right , as well as any sales that are made.
Price Elastic of Demand. (PED) price elasticity of demand is a measure of how much the quantity demanded of a product changes when there is a change in the price of the product.
Price Elastic of Demand for Commodities. is a measure of how