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INCOME STATEMENT: A statement of the revenues, expenditures, and profit for a business, household, or government entity over a given period of time. An income statement also goes by the names profit and loss statement, earnings report, and operating statement. This is one of two key financial statements for an entity. The other is a balance sheet, which is a statement of assets, liabilities, and net worth at a given point in time.

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Lesson 12: Elasticity and Demand | Unit 2: The Continuum Page: 9 of 25

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In this unit, you should have learned about:
  • How a given shift of the supply curve can result in different changes in equilibrium price and quantity based on the price elasticity of demand.
  • That the coefficient of elasticity forms a continuum ranging from 0 to infinity.
  • The five elasticity alternatives identified by segmenting the elasticity continuum -- perfectly elastic, relatively elastic, unit elastic, relatively inelastic, and perfectly inelastic.
  • The different shapes of demand curves with different elasticities.
    • Perfectly inelastic demand is a vertical demand curve.
    • Perfectly elastic demand is a horizontal demand curve.
    • Unit elastic demand is a concave demand curve without constant slope.
  • Why relatively elastic demand curves are "sort of" flat and the relatively inelastic demand curves are "sort of" steep.
  • Why this preceding statement is not technically correct because slope does NOT indicate elasticity.

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FIXED EXCHANGE RATE

An exchange rate that is established at a specific level and maintained through government actions (usually through monetary policy actions of a central bank). To fix an exchange rate, a government must be willing to buy and sell currency in the foreign exchange market in whatever amounts are necessary to keep the exchange rate fixed. A fixed exchange rate typically disrupts the balance of trade and balance of payments for a country. But in many cases, this is exactly what a country is seeking to do. This is one of three basic exchange rate policies used by domestic governments. The other two policies are flexible exchange rate and managed flexible exchange rate.

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Today, you are likely to spend a great deal of time lost in your local discount super center hoping to buy either several magazines on computer software or a T-shirt commemorating the second moon landing. Be on the lookout for empty parking spaces that appear to be near the entrance to a store.
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A lump of pure gold the size of a matchbox can be flattened into a sheet the size of a tennis court!
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