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LEISURE: The portion of time workers and other people spend not being compensative for work performed when they actively engaged in the production of goods and services. In other words, this is the time people sent off the job. Leisure activities can include resting at home, working around the house (without compensation), engaging in leisure activities (such as weekend sports, watching movies), or even sleeping. Leisure time pursuits becomes increasingly important for economies as they become more highly developed. As technological advances reduce the amount of time people need to spend working to generate a given level of income, they have more freedom to pursue leisure activities. Not only does this promote sales of industries that provide leisure related goods (sports, entertainment, etc.) it also triggers an interesting labor-leisure tradeoff and what is termed the backward-bending labor supply curve.

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

Topic: Unit Review <=PAGE BACK | PAGE NEXT=>

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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BALANCE OF PAYMENTS

A comprehensive set of accounts that tracks the flow of currency and other monetary assets coming in to and going out of a nation. These payments are used for international trade, foreign investments, and other financial activities. The balance of payments is divided into two accounts -- current account (which includes payments for imports, exports, services, and transfers) and capital account (which includes payments for physical and financial assets). A deficit in one account is matched by a surplus in the other account. The balance of trade is only one part of the overall balance of payments set of accounts.

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APLS

WHITE GULLIBON
[What's This?]

Today, you are likely to spend a great deal of time driving to a factory outlet trying to buy either a birthday gift for your uncle or a pair of red and purple designer socks. Be on the lookout for florescent light bulbs that hum folk songs from the sixties.
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This isn't me! What am I?

A communal society, a prime component of Karl Marx's communist philosophy, was advocated by the Greek philosophy Plato.
"Good judgment comes from experience, and often experience comes from bad judgment."

-- Rita Mae Brown ‚ Writer

MSE
Mean Square Error
A PEDestrian's Guide
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