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INDIVIDUAL RETIREMENT ACCOUNT: A savings retirement account set up with a bank, mutual fund, brokerage firm that allows people to set aside a portion of their income each year. Like other private pension plans, income diverted to an individual retirement account (or IRA) is tax deferred, that is, taxes on not paid on the income until it is withdrawn during retirement.

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Lesson 11: Elasticity Basics | Unit 4: A Continuum Page: 22 of 25

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In this unit, you should have learned about:
  • The elasticity continuum that ranges from 0 to infinity.
  • The five elasticity alternatives -- perfectly elastic, relatively elastic, unit elastic, relatively inelastic, perfectly inelastic.
  • Perfectly elastic as the alternative in which price is fixed.
  • Relatively elastic as the alternative in which small changes in price cause large changes in quantity.
  • Perfectly inelastic as the alternative in which quantity is fixed.
  • Relatively inelastic as the alternative in which large changes in price cause small changes in quantity.
  • Unit elastic as the alternative in which changes in price are matched by changes in quantity.

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MARKET EQUILIBRIUM, GRAPHICAL ANALYSIS

An analysis of market equilibrium using a graph that combines a demand curve and a supply curve. A graphical analysis of the market is used to ascertain information such as market equilibrium, equilibrium price, equilibrium quantity, shortage, and surplus. This is one of two basic methods of analyzing market equilibrium. The other is a numerical analysis using demand and supply schedules.

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BEIGE MUNDORTLE
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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 father that doesn't look like every other birthday gift for your father or a green fountain pen. Be on the lookout for letters from the Internal Revenue Service.
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The average bank teller loses about $250 every year.
"Many people think that if they were only in some other place, or had some other job, they would be happy. Well, that is doubtful. So get as much happiness out of what you are doing as you can and don't put off being happy until some future date. "

-- Dale Carnegie

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