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ELASTIC SUPPLY: Relatively small changes in supply price cause relatively larger changes in quantity supplied. Elastic supply means that changes in the quantity supplied are relatively responsive to changes in the supply price. An elastic supply has a coefficient of elasticity greater than one. You might want to compare elastic supply to inelastic supply, elastic demand, and inelastic demand.
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FOUR ESTATES A division of society based on the economic functions of consumption, production, regulation, and information that includes governments as the first estate, businesses as the second estate, consumers as the third estate, and journalists as the fourth estate.
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Okun's Law posits that the unemployment rate increases by 1% for every 2% gap between real GDP and full-employment real GDP.
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"Man is born to live, not to prepare for life. " -- Boris Pasternak, writer
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BIS
Bank for International Settlements
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