Elasticity
this ability of an object or material to resume its normal shape after being stretched or compressed; stretchiness
what is elasticity
this value of money that has been used up to produce something
what is cost
this good for which demand increases more than proportionally as income rises
what is a luxury
these goods are products and services that consumers will buy regardless of the changes in their income levels
what is a neccessity
this for-profit business organization—such as a corporation, limited liability company (LLC), or partnership—that provides professional services.
what is a firm
this static quantity of a good or service when its price changes.
what is inelasticity
it takes someone their time and or money to gather this.
what is information
this example of a luxury good is good for relaxing with water jets
what is a hot tub
this example of a necessity was invented by Eward Jenner in 1796 and is considered the first of it's kind
what is a vaccine
this must accept the prevailing prices in the market of its products, its own transactions being unable to affect the market price.
what is a price taker
this product or service that can be easily replaced with another by consumers.
what is a substitute
this trading of a public company's stock or other securities
demand increases more than proportionally as this rises
what is income
when applied to economics, this expression means, something not taken into account or presenting no obstacle.
what is money is no object
this, meaning, with other conditions remaining the same
what is Ceteris Paribus
this price elasticity of demand that suppliers in a perfectly competitive market face.
what is a competitive market where suppliers will face a perfectly elastic demand line.
the current price a service or product can be purchased at
what is market price
ages 23-35 is the group that buys more this goods
what are luxury goods
this economist is considered the father of economics
who is Samuelson
this power gives firms the ability to raise and maintain price above the level that would prevail under competition is referred to as market or monopoly power.
what is market power
this term for the amount of time to make a product.
what is a time frame
this cost that does not change with an increase or decrease in the amount of goods or services produced or sold.
what is a fixed cost
Impoverished people are not usually consumers of luxury but are this
what is necessary
necessity is the same regardless of this
what is income
this situation where no individual or preference criterion can be better off without making at least one individual or preference criterion worse off or without any loss thereof.
what is Pareto Optimality