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WORKERS' COMPENSATION: A government-run insurance program that provides benefits to workers injured on the job. Funding for these benefits come from premiums paid by employers. The federal government mandates the program, but it's administered by each of the states. This creates a great deal of diversity, with some states having good benefits and high premiums (sort of pro labor), while others have lousy benefits and low premiums (pro business). In addition to differences among states, premiums also differ based on a business's historical record of accidents. Those companies with a higher number of industrial accidents pay more in premiums than those with fewer accidents.
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Lesson 12: Elasticity and Demand | Unit 3: Measurement
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Page: 12 of 25
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Topic:
The Demand Curve
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- Elasticity is NOT constant along the demand curve.
- In particular, the demand curve can be divided into the five elasticity alternatives:
- Perfectly elastic: At the point of intersection between the demand curve and the vertical price axis, demand is perfectly elastic.
- Relatively elastic: Over the "upper" half of the demand curve between midpoint and the vertical price axis, demand is relatively elastic.
- Unit elastic: At the exact midpoint that divides the demand curve into two equal segments, demand is unit elastic.
- Relatively elastic: Over the "lower" half of the demand curve between midpoint and the horizontal quantity axis, demand is relatively inelastic.
- Perfectly inelastic: At the point of intersection between the demand curve and the horizontal quantity axis, demand is perfectly inelastic.
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CHECK CLEARING The process in which reserves or funds are transferred among banks to settle the accounts of checks written on one account and deposited into another. Check clearing is the heart and sole of daily banking activity and the final step in the use of checkable deposits as the medium of exchange for conducting transactions in the economy. Check clearing is facilitated by central clearinghouses, including the Federal Reserve System and a number of private organizations. The check clearing process is also a key component of the money creation process.
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BLUE PLACIDOLA
[What's This?]
Today, you are likely to spend a great deal of time at the confiscated property police auction hoping to buy either a video game player or an AC adapter that won't fry your computer. Be on the lookout for crowded shopping malls.
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Francis Bacon (1561-1626), a champion of the scientific method, died when he caught a severe cold while attempting to preserve a chicken by filling it with snow.
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"We succeed in enterprises (that) demand the positive qualities we possess, but we excel in those (that) can also make use of our defects." -- Alexis de Tocqueville, Statesman
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SPE
Subgame Perfect Equilibrium
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