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UNLIMITED LIABILITY: A condition in which owners are personally held responsible for any and all debts created by a business. Proprietorships and partnerships are the two kinds of businesses in which owners have unlimited liability. The primary problem with unlimited liability is that it limits the size of a business and prevents it from taking advantage of large scale production.
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Lesson Contents
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Unit 1: The Concept |
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Unit 2: A Little More |
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Unit 3: Measurement |
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Unit 4: A Continuum |
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Unit 5: Market Elasticity | |
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Elasticity Basics
In this lesson, we will examine the basics of elasticity, including what it is, how it is measured, and how it is used in market analysis. - The first unit of this lesson, The Concept, introduces the elasticity concept and previews its role in market analysis.
- In the second unit, A Little More, examines the importance of elasticity for such topics as market shocks, taxes, and price controls.
- The third unit, Measurement, takes a close look at how elasticity is measured, focusing on the coefficient of elasticity.
- The fourth unit, A Continuum, examines the five categories of elasticity, ranging from elastic to inelastic, that form a continuum.
- The fifth unit and final unit, Market Elasticity, closes this lesson by introducing four key elasticity concepts for the market demand and supply.
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INTERNATIONAL MARKET A graphical model used to analyze the trade between two nations based on the domestic markets for a particular good in each nation. The international market combines the excess demand (or import demand) from one country with the excess supply (or export supply) from another to illustrate how two nations undertake mutually beneficial trade. The international market model also can be used to analyze the impact of tariffs, import quotas, and export subsidies.
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Only 1% of the U.S. population paid income taxes when the income tax was established in 1914.
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"To understand a man, you must know his memories. The same is true of a nation." -- Anthony Quayle, Actor
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JEH
Journal of Economic History
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