Examlex
Exercise: Are you familiar with the word, "ursine?" Provide a definition. If the term is unfamiliar, make a guess about its meaning based on its appearance or sound, and create your own definition. Then look the word up, and find out how close you got. (We provide a thumbnail meaning as answer.)
Laffer Effect
Refers to the economic theory proposing that there is an optimal tax rate that maximizes government revenue without hindering economic growth.
Labor Supply Curve
A graphical representation of the relationship between the quantity of labor supplied and the wage rate in an economy.
Elasticity of Demand
A measure of how much the quantity demanded of a good responds to a change in the price of that good, calculated as the percentage change in quantity demanded divided by the percentage change in price.
Logarithmic Scales
Logarithmic scales are a way of displaying data on graphs where the scale is divided according to orders of magnitude, so each step on the scale represents a tenfold change in the data.
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