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December 13, 2018 

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INDIFFERENCE CURVE: A curve that graphically depicts various combinations of goods that generate the same level of utility to a consumer. In other words, a consumer is "indifferent" among any of the bundles because they all provide the same satisfaction. Indifference curves are combined with a budget line or constraint for indifference curve analysis used to explain many aspects of demand, including the slope of the demand curve and the income and substitution effects.

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Lesson 13: Aggregate Demand | Unit 1: The Concept Page: 3 of 22

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  • How, first and foremost, aggregate demand represents expenditures made by all members of all sectors of our economy.
  • Aggregate demand is one side of the aggregate market (the AD/AS model) that's used to analyze national economic problems such as recessions, unemployment, and inflation, that might plague our economy.
  • How aggregate demand and the aggregate market are related to the circular flow model of the economy.

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INELASTIC

The general relation between two variables in which relatively large changes in one variable (A) cause relatively small changes in another variable (B). In other words, large changes in variable A cause relatively small changes in variable B or the percentage change in variable B is smaller than the percentage change in variable A. This characterization of elasticity is most important for the price elasticity of demand and the price elasticity of supply. Inelastic is one of two general elasticity relations between two variables. The other is elastic.

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Today, you are likely to spend a great deal of time at a garage sale trying to buy either a coffee cup commemorating the 2000 Olympics or a birthday gift for your grandmother. Be on the lookout for strangers with large satchels of used undergarments.
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Natural gas has no odor. The smell is added artificially so that leaks can be detected.
"Follow effective action with quiet reflection. From the quiet reflection will come even more effective action. "

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Journal of Economic Perspectives
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