The size of an angle is the measure of this rotation, and a negative sign in front of the size indicates clockwise rotation.Īntiderivative: A function F is an antiderivative of another function f if the derivative of F is f. An angle can be thought of as the counterclockwise rotation of its initial side into its terminal side.

In microeconomics, the word prices always refer to relative prices.Īngle: The amount of rotation in a turn. However, many times we measure relative prices in terms of dollars also keeping in mind that the word dollar is being used to refer not to a piece of green paper but to a basket of goods. In general, we measure absolute prices in terms of dollars and relative prices in terms of units of some other good. Sometimes, the absolute prices of goods may change but relative prices may remain constant. The change in relative prices is not the same thing as changes in absolute prices. Price of good A in terms of B is the amount of good B necessary to purchase a unit of good A. The absolute price of good A is the number of dollars necessary to purchase a unit of good A. Relative price is the quantity of some other good that can be exchanged for a specified quantity of a given good. Relative Price: Absolute price is the number of dollars that can be exchanged for a specified quantity of a given good.

An absolute minimum point is a local minimum point and occurs at an endpoint of the given input interval.Ībsolute vs. Economics Keywords and Phrases Keywords and PhrasesĪ Collection of Financial Keywords and PhrasesĪbsolute minimum: The output value of the lowest point on a graph over a given input interval or over all possible input values.

Whats another word for option price