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RELATIVELY ELASTIC: An elasticity alternative in which relatively small changes in price cause relatively large changes in quantity. In other words, quantity is very responsive to price. Relatively elastic should be compared with other elasticity alternatives--relatively inelastic, perfectly inelastic, perfectly elastic, and unit elastic.

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Lesson 10: Gross Domestic Product | Unit 4: Measuring Income Page: 19 of 25

Topic: Personal Income <=PAGE BACK | PAGE NEXT=>

Personal income (PI) is the second income measure.
  • Personal Income is income RECEIVED by households.
  • Compare this with national income which is income earned by the factors of production.
These two income measures are similar, but not exactly the same.
  • Some income earned by the factors of production is not received by the household sector. Let's call it IEBNR.
  • Some income received by the household sector is not earned by a factor of production. Let's call it IRBNE.

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REFERENCE WEEK, CURRENT POPULATION SURVEY

The calendar week (Sunday through Saturday) containing the 12th day of the month, which is used in the Current Population Survey (CPS) as the time period for documenting the employment and labor force status of respondents. The estimation of the unemployment rate and other employment information generated by the CPS are based on activities of survey respondents during this week. The actual survey is conducted by interviewers working for the Bureau of the Census during the calendar week containing the 19th day, which is termed the survey week.

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APLS

YELLOW CHIPPEROON
[What's This?]

Today, you are likely to spend a great deal of time at an auction looking to buy either a weathervane with a cow on top or a box of multi-colored, plastic paper clips. Be on the lookout for telephone calls from long-lost relatives.
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This isn't me! What am I?

Much of the $15 million used by the United States to finance the Louisiana Purchase from France was borrowed from European banks.
"Defeat is simply a signal to press onward. "

-- Helen Keller, author, lecturer

MA(N)
A nth-order Moving Average Process
A PEDestrian's Guide
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