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MASS PRODUCTION: The production of large quantities of virtually identical goods using large scale operations. Such production typically makes use of large factories that benefit from economies of scale. The "mass" aspect of mass production indicates: (1) that large quantities, or masses, of goods are produced and (2) that these goods are being purchased or consumed by the majority of the population, or large masses of people. Mass production is largely a consequence of the industrial revolution, which moved society from a rural-based population engaged in agrarian production to an urban-based population engaged in factory production.
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RELATIVELY ELASTIC An elasticity alternative in which relatively small changes in one variable (usually price) cause relatively large changes in another variable (usually quantity). In other words, quantity is very responsive to price. Quantity changes a lot in response to small changes in price. This characterization of elasticity is most important for the price elasticity of demand and the price elasticity of supply. Relatively elastic is one of five elasticity alternatives. The other four are perfectly elastic, perfectly inelastic, relatively inelastic, and unit elastic.
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WHITE GULLIBON
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Today, you are likely to spend a great deal of time at the confiscated property police auction hoping to buy either a turbo-powered vacuum cleaner or a battery-powered, rechargeable vacuum cleaner. Be on the lookout for empty parking spaces that appear to be near the entrance to a store.
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In 1914, Ford paid workers who were age 22 or older $5 per day -- double the average wage offered by other car factories.
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"How we spend our days is, of course, how we spend our lives. " -- Annie Dillard, essayist
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ANN REPT
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