Category: Education
Created by: zzcgood
Number of Blossarys: 7
English (EN)
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 ...
Rational expectations is a hypothesis in economics which states that agents' predictions of the future value of economically relevant variables are not systematically wrong in that all errors are ...
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 ...
Unemployment attributable to the time required to match production activities with qualified resources. Frictional unemployment essentially occurs because resources, especially labor, are in 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 ...
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 ...
A Latin term meaning that all other factors are held unchanged. The ceteris paribus assumption is used to isolate the effect one economic factor has on another. Without this assumption, it would be ...
By: zzcgood