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WELFARE: An assortment of programs that provide assistance to the poor. The cornerstone of our welfare system is Aid to Families with Dependent Children (AFDC), which was created by the Social Security Act (1935). It provides cash benefits to assist needy families with children under the age of 18. Funding comes partly from the federal government and partly from states. Because states also administer their own programs, benefits and qualification criteria differ from state to state. A second part of the welfare system, one that's run entirely by the federal government, is Supplemental Security Income (SSI). This program provides cash benefits to elderly, blind, and disabled in addition to any benefits received through the Social Security system. Our welfare system includes a whole bunch of additional benefits, including Medicaid, food stamps, low-cost housing, school lunches, job training, day care, and earned-income tax credits.
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Lesson 10: Utility and Demand | Unit 4: On To Demand
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Page: 17 of 21
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In this unit, you should have learned about:- How the demand for a good can be analyzed by comparing the marginal utility-price ratio for one good with the marginal utility-price for other goods.
- Why price changes that force a readjustment of the rule of consumer equilibrium.
- Higher prices force the marginal utility to increase, which is accomplished with a decrease in quantity.
- Lower prices force the marginal utility to decrease, which is accomplished with an increase in quantity.
- How the law of demand can be explained by the law of diminishing marginal utility.
- How the marginal utility curve can be converted to a demand curve.
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OTHER PRICES, DEMAND DETERMINANT The prices of other goods that influence the decision to purchase a particular good, which are assumed constant when a demand curve is constructed. Other prices can be for goods that are either substitutes-in-consumption or complements-in-consumption. This is one of five demand determinants that shift the demand curve when they change. The other four are other prices, buyers' preferences, buyers' expectations, and number of buyers.
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BEIGE MUNDORTLE
[What's This?]
Today, you are likely to spend a great deal of time strolling through a department store wanting to buy either a large, stuffed giraffe or a birthday greeting card for your aunt. Be on the lookout for malfunctioning pocket calculators.
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This isn't me! What am I?
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The standard "debt" notation I.O.U. does not mean "I owe you," but actually stands for "I owe unto..."
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"Do something wonderful; people may imitate it. " -- Albert Schweitzer, theologian, physician
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BCD
Business Cycle Development
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