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HYSTERESIS: The notion that the natural rate of unemployment is affected by historical events, especially the onset of a business-cycle contraction. Hysteresis results because unemployed resources are permanently changed, through loss of job skills or seniority, making them less employable when the contraction is over. The labor market itself might be permanently change. The result is a permanent increase in structural and frictional unemployment and a higher natural unemployment rate. Alternatively, a prolonged business-cycle expansion can generate long-term changes that cause a permanent decrease in the natural unemployment rate.
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Lesson 11: Elasticity Basics | Unit 4: A Continuum
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Page: 19 of 25
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Topic:
Perfectly Inelastic
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- At the other end of the elasticity continuum is perfectly inelastic:
- Perfectly inelastic is an elasticity alternative in which an infinitely large change in one variable (price) is needed to cause an infinitesimally small change in another variable (quantity).
- Once again, this works for both the price elasticity of demand and the price elasticity of supply, because the negative value of the price elasticity of demand is ignored.
- Perfectly inelastic demand and supply are represented by vertical demand and supply curves.
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CONSUMER CONFIDENCE INDEX A measure of consumer attitudes, preferences, and expectations concerning the state of the economy and business cycle conditions that is compiled each month by The Conference Board. The Conference Board is also responsible for compiling the leading, coincident, and lagging economic indicators. The Consumer Confidence Index is one of two primary measures of consumer attitudes. The other is the Index of Consumer Sentiment developed by the University of Michigan.
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ORANGE REBELOON
[What's This?]
Today, you are likely to spend a great deal of time watching infomercials trying to buy either throw pillows for your bed or a package of blank rewritable CDs. Be on the lookout for mail order catalogs with hidden messages.
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This isn't me! What am I?
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A half gallon milk jug holds about $50 in pennies.
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"Experience keeps a dear school, but fools will learn in no other. " -- Benjamin Franklin
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CLI
Cost of Living Index
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