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CHANGE IN QUANTITY DEMANDED: The movement along a demand curve caused by a change in the price of the good. This should be contrasted directly with a change in demand. You might also want to review the terms change in quantity supplied and change in supply, as well. A change in quantity demanded means that we have identified a NEW quantity on the existing demand curve. In contrast, a change in demand means that we have changed, moved, or shifted, the entire demand curve, the whole range of prices and quantities has changed.
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Lesson 11: Elasticity Basics | Unit 1: The Concept
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Page: 2 of 25
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- The elasticity definition goes something like this...
- Elasticity is the relative response of one variable to changes in another variable.
- The phrase "relative response" is best interpreted as "percentage change."
- In other words, elasticity is a measure of the percentage change in one variable relative to the percentage change in another variable.
- The two most important variables that we are concerned with are price and quantity.
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CREDIT UNIONS Non-profit depository financial institutions that were originally established to provide members of a specific group, such as employees of a company, with low-cost personal loans higher interest on deposits than available through traditional banks. Credit unions are chartered and regulated by the National Credit Union Administration. While credit unions are not "officially" chartered as banks, similar to other thrift institutions (savings and loan associations and mutual savings banks) they do function comparable to any traditional bank, offering a wide range of deposits, loans, and other financial services.
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PURPLE SMARPHIN
[What's This?]
Today, you are likely to spend a great deal of time going from convenience store to convenience store looking to buy either a birthday gift for your grandmother or a T-shirt commemorating yesterday. Be on the lookout for telephone calls from former employers.
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The 1909 Lincoln penny was the first U.S. coin with the likeness of a U.S. President.
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"You have to find something that you love enough to be able to take risks, jump over the hurdles and break through the brick walls that are always going to be placed in front of you. If you don't have that kind of feeling for what it is you're doing, you'll stop at the first giant hurdle. " -- George Lucas
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M2
M1 plus savings types of near monies, including savings deposits, certificates of deposits, money market deposits, repurchase agreements, and Eurodollars
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