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LEADING ECONOMIC INDICATOR: One of eleven economic statistics that tend to move up or down a few months before the expansions and contractions of the business cycle. These leading indicators are -- manufacturers new orders, an index of vendor performance, orders for plant and equipment, Standard & Poor's 500 index of stock prices, new building permits, durable goods manufacturers unfilled orders, the money supply, change in materials prices, average workweek in manufacturing, changes in business and consumer credit, a consumer confidence index, and initial claims for unemployment insurance. Leading indicators indicate what the aggregate economy is likely to do, business-cycle-wise, 3 to 12 months down the road. When leading indicators rise today, then the rest of the economy is likely to rise in the coming year. And when leading indicators decline, then the economy is likely to decline in 3 to 12 months.

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Lesson 12: Elasticity and Demand | Unit 2: The Continuum Page: 9 of 25

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

In this unit, you should have learned about:
  • How a given shift of the supply curve can result in different changes in equilibrium price and quantity based on the price elasticity of demand.
  • That the coefficient of elasticity forms a continuum ranging from 0 to infinity.
  • The five elasticity alternatives identified by segmenting the elasticity continuum -- perfectly elastic, relatively elastic, unit elastic, relatively inelastic, and perfectly inelastic.
  • The different shapes of demand curves with different elasticities.
    • Perfectly inelastic demand is a vertical demand curve.
    • Perfectly elastic demand is a horizontal demand curve.
    • Unit elastic demand is a concave demand curve without constant slope.
  • Why relatively elastic demand curves are "sort of" flat and the relatively inelastic demand curves are "sort of" steep.
  • Why this preceding statement is not technically correct because slope does NOT indicate elasticity.

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PROPRIETORSHIP

A business organization that is owned and operated by one person. The owner and the business are legally considered one and the same. As such, the owner receives any and all profit and is responsible for any and all debts, what is termed unlimited liability. A proprietorship is one of the three basic forms of business organization. The other two are partnership and corporation. A large number of proprietorships exist in the economy, but they tend to be relatively small operations.

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Today, you are likely to spend a great deal of time browsing through a long list of dot com websites trying to buy either a flower arrangement with a lot of roses for your grandmother or a wall poster commemorating the first day of winter. Be on the lookout for neighborhood pets, especially belligerent parrots.
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General Electric is the only stock from the original 1896 Dow Jones Industrial Average remaining in the current index.
"Learn to enjoy every minute of your life. Be happy now. Don't wait for something outside of yourself to make you happy in the future. Think how really precious is the time you have to spend, whether it's at work or with your family. Every minuteshould be enjoyed and savored."

-- Earl Nightingale

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