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 GROSS DOMESTIC PRODUCT, EXPENDITURES: A method of estimating gross domestic product (GDP) based on identifying the aggregate expenditures (consumption, investment, government purchases, and net exports) made by the four basic macroeconomic sectors (household, business, government, and foreign). This is one of two methods used by the Bureau of Economic Analysis in the National Income and Product Accounts to estimate gross domestic product.
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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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SURVEY WEEK, CURRENT POPULATION SURVEY

The calendar week (Sunday through Saturday) containing the 19th day of the month that is used to conduct the Current Population Survey (CPS). This is the time period in which CPS interviews contact occupants of 60,000 households included in the survey. The survey questions posed by the interviewers then refer to the employment activities of the respondents during the previous calendar week, which is the termed the reference week. The activities of survey respondents during the reference week are the source of information used to estimate the unemployment rate and other employment information generated by the CPS.

 YELLOW CHIPPEROON[What's This?] Today, you are likely to spend a great deal of time searching for a specialty store looking to buy either a wall poster commemorating last Friday (you know why) or a country wreathe. Be on the lookout for telephone calls from long-lost relatives.Your Complete Scope
 The 22.6% decline in stock prices on October 19, 1987 was larger than the infamous 12.8% decline on October 29, 1929.
 "Every man must decide whether he will walk in the light of creative altruism or in the darkness of destructive selfishness."-- Martin Luther King, Jr., clergyman
 NOWNegotiable Order of Withdrawal
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