Ken....
If you want a little background on Elements and your printer you can take a look at my web site,
http://homepage.ntlworld.com/colin_w/colour problems.htm
I'll still provide some basics here though.
The underlying problem in the digital world is that different devices; camera, scanner, display, printer, etc may all have a different range of colours that they can capture or reproduce. At the same time they all have the same range of numbers that define colours.
As a simple example think of a camera that produces a wide range of colours but only has 10 numbers to record them. Now think about a printer that has a narrower range of colours but still has 10 numbers to reproduce them.
The colour represented by number 5 in your camera will be a different colour represented by the number 5 in your printer. Alternately to get the same colour in each may mean using 5 in the camera and 4 in the printer. Colour management has to perform a translation from the source device(camera) to the destination device (printer) to try and keep the colours looking the same.
(As a real world example; an image from my camera produces a specific colour red using the RGB numbers 122,58,46. To get the same colour on my display I need the numbers 176,38,63)
The additional complication is what to do with the colours in the source that just can't be reproduced in the destination device. This is handled by something called rendering intent.
A couple of things are needed to make the above work. You need a program that can perform colour managment translations e.g. Photoshop Elements. You need profiles (ICC Profiles) for each of your devices or colour spaces. The profiles basically contain definitions of what numbers mean what colour. So if you have a source profile e.g for your camera data and a destination profile e.g your display, Photoshop will perform the translation to produce an accurately rendered image.
Profiles may well be different across displays of the same type and will be different for various printers and various paper types, so its important to specify the correct one.
All of the above and how to setup your printer and Elements is on my web site. I no longer have access to update it so it's a little out of date but the basics are the same.
Colin