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WELFARE: An assortment of programs that provide assistance to the poor. The cornerstone of our welfare system is Aid to Families with Dependent Children (AFDC), which was created by the Social Security Act (1935). It provides cash benefits to assist needy families with children under the age of 18. Funding comes partly from the federal government and partly from states. Because states also administer their own programs, benefits and qualification criteria differ from state to state. A second part of the welfare system, one that's run entirely by the federal government, is Supplemental Security Income (SSI). This program provides cash benefits to elderly, blind, and disabled in addition to any benefits received through the Social Security system. Our welfare system includes a whole bunch of additional benefits, including Medicaid, food stamps, low-cost housing, school lunches, job training, day care, and earned-income tax credits.

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Lesson 12: Elasticity and Demand | Unit 3: Measurement Page: 14 of 25

Topic: Changing Elasticity <=PAGE BACK | PAGE NEXT=>

  • The price elasticity of demand for a demand curve with a constant slope varies over the entire range of the elasticity continuum:

    • The perfectly elastic range, or rather point, is the intersection between the demand curve and the vertical price axis.

    • The relatively elastic range is the "upper" half of the demand curve between midpoint and the vertical price axis.

    • The unit elastic range, or point, is the exact midpoint that divides the demand curve into two equal segments.

    • The relatively elastic range is the "lower" half of the demand curve between midpoint and the horizontal quantity axis.

    • The perfectly inelastic range, or point, is intersection between the demand curve and the horizontal quantity axis.

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MONETARY POLICY TARGETS

Values of specific economic variables that the monetary authority seeks achieve with monetary policy. The three most noted monetary policy targets are interest rates, monetary aggregates, and exchange rates. These targets are usually intermediate targets that can be quickly achieved and easily measured, but then move the economy toward the ultimate macroeconomic goals of full employment, stability, and economic growth.

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Today, you are likely to spend a great deal of time strolling around a discount warehouse buying club trying to buy either a coffee cup commemorating last Friday (you know why) or a wall poster commemorating the first day of spring. Be on the lookout for rusty deck screws.
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Rosemary, long associated with remembrance, was worn as wreaths by students in ancient Greece during exams.
"I do not believe in a fate that will fall on us no matter what we do. I do believe in a fate that will fall on us if we do nothing. "

-- Ronald Reagan, 40th US president

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