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ABSOLUTE POVERTY LEVEL: The amount of income a person or family needs to purchase an absolute amount of the basic necessities of life. These basic necessities are identified in terms of calories of food, BTUs of energy, square feet of living space, etc. The problem with the absolute poverty level is that there really are no absolutes when in comes to consuming goods. You can consume a given poverty level of calories eating relatively expensive steak, relatively inexpensive pasta, or garbage from a restaurant dumpster. The income needed to acquire each of these calorie "minimums" vary greatly. That's why some prefer a relative poverty level.

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Lesson 11: Elasticity Basics | Unit 2: A Little More Page: 6 of 25

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  • Demand responsiveness can be classified into one of two broad categories:

  • Elastic:

  • A good is said to be elastic if quantity is very responsive to the price. To be more specific:

  • Elastic means the percentage change in quantity is greater than the percentage change in price.
  • Inelastic:

  • A good is said to be inelastic if quantity is NOT very responsive to the price. To be more specific:

  • Inelastic means the percentage change in quantity is less than the percentage change in price.

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LAW OF DEMAND

The inverse relationship between demand price and the quantity demanded, assuming ceteris paribus factors are held constant. This fundamental economic principle indicates that a decrease the price of a commodity results in an increase in the quantity of the commodity that buyers are willing and able to purchase in a given period of time, if other factors are held constant. The law of demand is one of the most important principles found in the study of economics.

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ORANGE REBELOON
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Today, you are likely to spend a great deal of time driving to a factory outlet seeking to buy either decorative picture frames or storage boxes for your income tax returns. Be on the lookout for telephone calls from long-lost relatives.
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Okun's Law posits that the unemployment rate increases by 1% for every 2% gap between real GDP and full-employment real GDP.
"It is not fair to ask of others what you are unwilling to do yourself. "

-- Eleanor Roosevelt, diplomat, activist

DBD
Declining Balance Depreciation
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