Term
| functional income distribution |
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Definition
| the shares of total income distributed according to the type of factor service for which they are paid that is rent as a payment for land wages for labor and intrest in capital |
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Definition
| the demand for a factor of production that comes from the demand for the goods or services that factor produces. |
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Definition
| the use of income to buy cosumer goods and services instead of saving. |
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Term
| price elactisity of demand |
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Definition
| the telative size of the change in quantity demanded of a good or service as a result of a small change in its price. |
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Term
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Definition
| a demand condition in which the relative size of the change in quantity demanded is greater then the size of the price change. |
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Definition
| a demand condition in which the relative size of the change in quantity demanded is less then the size of the price change. |
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Term
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Definition
| a measurement of the degree of the response of a change in quantity demaded to a change in price. |
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Term
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Definition
| a demand condition in which the relative change in the quantity demanded is the same size of the price change. |
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Term
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Definition
| a demand condition in which the quantity demanded varies from 0 to infinity when there is a change in price. |
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Term
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Definition
| a demand condition in which there is no change in the quantity demanded when price changes. |
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Term
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Definition
| a good or service which is considered esential to a person's well-being. |
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Term
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Definition
| a good or service which increases satisfaction but is not considered essential to well-being. |
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Term
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Definition
| the condition in a market economy by which consumer decisions about which goods and services fo purchas determine what is produced. |
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Term
| average propensity to consume |
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Definition
| the persentage of after-tax income which on the average consumers spend on goods and services. |
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Term
| average propensity to save |
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Definition
| the percentage of after-tax income in the average consumers save. |
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Term
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Definition
| the owners share of the value of property or other assets net of mortages or other liabilities. |
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