Econ 1501 questions and answers Graded A

Econ 1501 questions and answers Graded A Inelastic Demand or supply of a product doesn't change much when price changes Perfectly inelatic Demand or supply of a product doesn't change at all when price changes Previous Play Next Rewind 10 seconds Move forward 10 seconds Unmute 0:04 / 0:54 Full screen 6 Ways to Show Appreciation for Your Child's Teacher Elastic Demand or supply of a product changes significantly when price changes Perfectly elastic Demand or supply of a product changes infinitely when price changes Unit elastic Demand or supply of a product changes has same change as price change Externality A consequence of an economic activity experienced by individuals/entities not directly involved in the activity Positive externality Externality that helps society in some way Negative externality Externality that harms society in some way Investments on human capital Expenditures of an economic activity experienced by individuals or entities not directly involved in the activity - helps you become more productive, earn higher wages, and adapt to changes in the job market. Human capital Refers to the knowledge, skills, and abilities that people possess Rate of yen per USD rises then... it takes more yen to buy one USD Poverty line Level of income sufficient to provide a family with a minimally adequate standard of living Poverty gap The total amount of money that would have to be transferred to households below the poverty line for them to get out of poverty What element has the highest percentage of greenhouse gas emissions? Carbon dioxide