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 DERIVATION, SAVING LINE: A saving line, a graphical depiction of the relation between household sector saving and income, can be derived from the consumption line. The saving line can also be derived by plotting the saving-income information from a saving schedule or using the slope and intercept values of the saving function. However, derivation from the consumption line emphasis the connection between consumption and income--that the household sector uses a portion of income for consumption and a portion for saving.
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 Lesson Contents Unit 1: An Overview Elasticity And Demand Price Elasticity Of Demand Upon Further Review Unit 1 Summary Unit 2: The Continuum Relative Adjustments Five Alternatives Three Of Five Two Of Five Unit 2 Summary Unit 3: Measurement Doing The Numbers A Range Of Values The Demand Curve Slope And Elasticity Changing Elasticity Total Revenue Expenditures And Elasticity Unit 3 Summary Unit 4: Determinants Substitute Availability Time Period Budget Proportion Unit 4 Summary Unit 5: Other Measures Price Elasticity Of Supply Income Elasticity Of Demand Cross Elasticity Of Demand Unit 5 Summary Course Home
Elasticity and Demand

Elasticity is the relative responsiveness of one variable to changes in another variable. Economists find this notion of elasticity quite useful in the study of markets. In this lesson, we examine the basics of demand elasticity, especially the price elasticity of demand.

• The first unit of this lesson, An Overview, gets us started with a review of several concepts related to elasticity and demand.
• In the second unit, The Continuum, we take a close look at how the five elasticity alternatives are reflected by demand curves.
• The third unit, Measurement, runs through some numbers for measuring the price elasticity of demand, and how elasticity values related to a straightline demand curve.
• The fourth unit, Determinants, examines how the three determinants of elasticity affect the elasticity coefficient.
• The fifth unit and final unit, Other, closes this lesson by introducing examine three related elasticity measures.

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LABOR FORCE PARTICIPATION RATE

The proportion of the total noninstitutionalized civilian population 16 years of age and over that is in the civilian labor force. The labor force participation rate is essentially the ratio of the civilian labor force to the total noninstitutionalized civilian population 16 years of age and over. The data used to estimated the labor force participation rate is obtained along with other labor force data from the monthly Current Population Survey conducted by the Bureau of the Census for the Bureau of Labor Statistics. Labor force participation rates are also commonly calculated using data derived from the Census of the Population.

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 A communal society, a prime component of Karl Marx's communist philosophy, was advocated by the Greek philosophy Plato.
 "And while the law of competition may be sometimes hard for the individual, it is best for the race, because it ensures the survival of the fittest in every department. "-- Andrew Carnegie, entrepreneur
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