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BUSINESS TRANSFER PAYMENTS: A payment by the business sector to the household sector without any corresponding production or expectations of production. Business transfer payments are essentially gifts, or subsidies, made to the household sector from the business sector. This is one of several key differences between national income (the resource cost of production) and gross/net domestic product (the market value of production). For further discussion of this point, see gross domestic product and national income or net domestic product and national income. business transfer payments, abbreviated BTP, tend to be quite small, invariably less than 1% of gross domestic product.

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Lesson 12: Elasticity and Demand | Unit 3: Measurement Page: 13 of 25

Topic: Slope And Elasticity <=PAGE BACK | PAGE NEXT=>

  • At first glance, it would seem that a demand curve with constant slope would also have constant elasticity. But this is apparently NOT the case. Why?

    • First and foremost, slope measures the change of price relative to a change in quantity.

    • Second, but also important, slope is measured in specific units (cents per minute), whereas elasticity is measured as percentage changes, with no specific units.

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AUTONOMOUS EXPORTS

Exports to the foreign sector that do not depend on domestic income or production (especially national income or gross domestic product). Exports depend on foreign income or production, but not on domestic income or production. While other expenditures have both autonomous and induced components, exports are exclusively autonomous. Autonomous exports are a key part of the autonomous part of net exports. Induced net exports are due to induced imports.

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