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U.S. TREASURY DEPARTMENT: A cabinet level part of the U.S. Federal government responsible for assorted financial matters. While it was once heavily involved in what could be termed monetary policy, before the creation of the Federal Reserve System, it's primary money role in modern times is relegated to authorizing the minting of metal coins. Among its many varied and important functions are issuing U.S. Treasury securities to finance the federal deficit and maintaining the integrity of paper currency by tracking counterfeiters.

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Lesson 12: Elasticity and Demand | Unit 4: Determinants Page: 21 of 25

Topic: Unit Review <=PAGE BACK | PAGE NEXT=>

In this unit, you should have learned about:
  • Substitute availability as the key elasticity determinant that affects the value of the coefficient of elasticity.
  • Why goods with more close substitutes tend to be more elastic and goods with fewer closer substitutes tend to be inelastic.
  • Why elasticity is greater for longer time periods because buyers have more time to find available substitutes.
  • Why elasticity is greater for goods that constitute a larger proportion of buyers' budgets and smaller for goods that make up a smaller proportion of buyers' budgets.

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EMPLOYMENT-POPULATION RATIO

The ratio of employed persons to the total civilian noninstitutionalized population 16 years old or older. Also termed the employment rate, the employment-population ratio is used as an alternative to the unemployment rate as an indicator of the utilization of labor resources.

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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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AR(N)
A nth-order Autoregressive Process
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