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18 terms
Economies of Scale (EOS)
The reduction in costs of producing an extra unit of output. Usually related to the minimum efficient level of output at which a firm can produce efficiently relative to market size
Effective Demand
The desire to buy together with the ability pay for as good or service. Those who have a desire to buy but cannot pay the price or cost are said to have limited or no effective demand.
Effective Exchange Rate (EER)
The actual rate at which one unit of foreign currency is exchanged for local currency.
Elastic Demand
A commodity for which the percentage changes in demand is proportionately greater than the percentage change in price. For example a one percent change in the price of the good or service leads to a greater than one percent change in the quantity demanded.
Elastic Supply
A commodity for which the percentage changes in supply is proportionately greater than the percentage change in price. For example a one percent change in the price of the good or service leads to a greater than one percent change in the quantity supplied.
Elasticity
Measure of a percentage change of one thing relative to a percentage change in another. For example, the price elasticity of demand is the percentage change in quantity demanded relative to the percentage change in the price.
Elasticity of Demand
The percentage change in quantity demanded relative to the percentage change in the price.
Own price elasticity: When the change in quantity demanded is related to the price of the commodity.
Cross price elasticity: When the change in quantity demanded is related to the price of another commodity.
Elasticity of Supply
The percentage change in the quantity supplied relative to a percentage change in the price of a commodity.
Emergency
IPC phase 4 - Households either:
Have large food consumption gaps which are reflected in very high acute malnutrition and excess mortality
OR
Are able to mitigate large food consumption gaps but only by employing emergency livelihood strategies and asset liquidation.