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FLOW: A variable or measurement that is defined for a period of time (as opposed to an instant in time). A flow can only be measured over a period. For example, GDP is the flow of production during a given year. Income is another flow measures important to the study of economics.

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Lesson 11: Elasticity Basics | Unit 1: The Concept Page: 5 of 25

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In this unit, you should have learned about:
  • Elasticity as the stretchability or responsiveness of one variable to changes in another variable.
  • How elasticity can help the market analysis of taxes and price controls.
  • The definition of elasticity as the percentage change in one variable resulting from a percentage change in another variable.
  • The price elasticity of demand and the price elasticity of supply.

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CAUSE AND EFFECT

The notion that every event in the universe is the direct result of a preceding event, that one event A causes another event B. The purpose of the scientific method is to identify these cause-and-effect relations. This pursuit is based on a simple point of view: everything happens for a reason. For every action there is a consequence. And for every consequence there is a cause.

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BEIGE MUNDORTLE
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Today, you are likely to spend a great deal of time touring the new suburban shopping complex hoping to buy either a genuine fake plastic Tiffany lamp or a microwave over that won't burn your popcorn. Be on the lookout for jovial bank tellers.
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Paper money used by the Commonwealth of Massachusetts prior to the U.S. Revolutionary War, which was issued against the dictates of Britain, was designed by patriot and silversmith, Paul Revere.
"If we all did the things we are capable of doing, we would literally astound ourselves."

-- Thomas Edison

CME
Chicago Mercantile Exchange
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