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SAVING-INVESTMENT EQUALITY: A classical economic proposition stating that flexible prices ensure an equality between saving and investment. This equality is essential to obtain the classical economic conclusion that unrestricted markets achieve and maintain full employment. This is one of the three assumptions underlying classical economics. The other two assumptions are flexible prices and Say's law.

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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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    INCOME EARNED BUT NOT RECEIVED

    The three types of income earned but not received (IEBNR) by the factors of production are Social Security taxes, corporate profits taxes, and undistributed corporate profits. IEBNR is subtracted from national income to calculate personal income.

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