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January 17, 2018 

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BANKS: Financial intermediaries that function as depository institutions, maintaining deposits, making loans, and directly controlling the checkable deposits portion of the economy's money supply. As financial intermediaries, banks match up lenders and borrowers, using deposits for loans. However, banks are also responsible for maintaining liquid checkable deposits that are used as money for the economy. The generic term "banks" or "commercial banks" is used in reference to traditional banks, as well as checking-account issuing thrift institutions--credit unions, savings and loan associations, and mutual savings banks.

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Lesson Contents
Unit 1: An Overview
  • Elasticity And Demand
  • Price Elasticity Of Demand
  • Upon Further Review
  • Unit 1 Summary
  • Unit 2: The Continuum
  • Relative Adjustments
  • Five Alternatives
  • Three Of Five
  • Two Of Five
  • Unit 2 Summary
  • Unit 3: Measurement
  • Doing The Numbers
  • A Range Of Values
  • The Demand Curve
  • Slope And Elasticity
  • Changing Elasticity
  • Total Revenue
  • Expenditures And Elasticity
  • Unit 3 Summary
  • Unit 4: Determinants
  • Substitute Availability
  • Time Period
  • Budget Proportion
  • Unit 4 Summary
  • Unit 5: Other Measures
  • Price Elasticity Of Supply
  • Income Elasticity Of Demand
  • Cross Elasticity Of Demand
  • Unit 5 Summary
  • Course Home
    Elasticity and Demand

    Elasticity is the relative responsiveness of one variable to changes in another variable. Economists find this notion of elasticity quite useful in the study of markets. In this lesson, we examine the basics of demand elasticity, especially the price elasticity of demand.

    • The first unit of this lesson, An Overview, gets us started with a review of several concepts related to elasticity and demand.
    • In the second unit, The Continuum, we take a close look at how the five elasticity alternatives are reflected by demand curves.
    • The third unit, Measurement, runs through some numbers for measuring the price elasticity of demand, and how elasticity values related to a straightline demand curve.
    • The fourth unit, Determinants, examines how the three determinants of elasticity affect the elasticity coefficient.
    • The fifth unit and final unit, Other, closes this lesson by introducing examine three related elasticity measures.

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    INSURANCE

    A service that transfers the risk of loss from an individual to a larger group. The larger group is typically represented by an insurance provider, either a private for-profit company or a government agency. The insurance provider can assume the risk through risk pooling. Risk averse people, who are willing to pay a premium to avoid risk, are the ones most inclined to purchase insurance. The risk averse individual agrees to incur a small guaranteed loss (the premium) but avoids incurring a less likely, but much bigger, loss.

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    APLS

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    Today, you are likely to spend a great deal of time at the confiscated property police auction seeking to buy either a flower arrangement for that special day for your mother or a New York Yankees baseball cap. Be on the lookout for slow moving vehicles with darkened windows.
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    Two and a half gallons of oil are needed to produce one automobile tire.
    "Being defeated is only a temporary condition; giving up is what makes it permanent."

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