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LINE GRAPH: A graph containing one or more lines or curves that are used to represent relations between two (or more) variables. A line graph is a useful method of illustrating scientific principles and hypotheses important for the economic analysis.
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Lesson Contents
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Unit 1: Demand Theory |
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Unit 2: Total Utility |
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Unit 3: Marginal Utility |
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Unit 4: The Curves |
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Unit 5: Taking Stock | |
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Consumer Demand
This lesson discusses the basics of consumer demand theory, especially the notion of utility. Utility is the fancy-schmancy economic term that means satisfying wants and needs. The purpose of this lesson is to set the stage for a behind-the-scenes look at the demand-side of the market. Because the prices buyers are willing to pay for the goods depend on the utility, an understanding of demand requires an understanding of utility. - The first unit of this lesson, Demand Theory, introduces the concept of utility and previews the relation between utility, consumer decision making, and demand.
- In the second unit, Total Utility, we take a look at the first of two key technical notions of utility are used to examine the relation between utility and demand.
- The third unit, Marginal Utility, presents and discusses the second of the two technical notions of utility, and the most important notion underlying demand.
- The fourth unit, The Curves, illustrates the total utility and marginal utility concepts with handy graphs.
- The fifth unit, Taking Stock, then wraps up this lesson with an extended preview of the relation between utility and demand.
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CURRENT POPULATION SURVEY A monthly survey of 60,000 occupied households undertaken by the Bureau of the Census which is then used by the Bureau of Labor Statistics (BLS) to estimate the employment, unemployment, and labor force status of the entire population. The Current Population Survey (CPS) contains an extensive series of questions designed to identify the wide range of ways a person can be categorized as employed, unemployed, in the labor force, or not in the labor force. The CPS is THE source of data used to calculate the nation's official unemployment rate, as well as other employment measures, such as the employment rate and labor force participation rate.
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ORANGE REBELOON
[What's This?]
Today, you are likely to spend a great deal of time waiting for visits from door-to-door solicitors trying to buy either a rotisserie oven that can also toast bread or a flower arrangement in a coffee cup for your father. Be on the lookout for poorly written technical manuals.
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This isn't me! What am I?
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North Carolina supplied all the domestic gold coined for currency by the U.S. Mint in Philadelphia until 1828.
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"Old age isn't so bad when you consider the alternative. " -- Cato, Roman orator
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T-BILL
Treasury Bill
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