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RELATIVELY INELASTIC: An elasticity alternative in which relatively large changes in price cause relatively small changes in quantity. In other words, quantity is not very responsive to price. Relatively inelastic should be compared with other elasticity alternatives--relatively elastic, perfectly inelastic, perfectly elastic, and unit elastic.
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Lesson 11: Circular Flow | Unit 4: Foreign
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Page: 18 of 22
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- What happens to the circular flow by including the foreign sector.
- How trade among nations is an extension of trade among members of the same country.
- Exports as the flow coming from the foreign sector, joining GDP and going to the business sector.
- Imports as the flow leaving the consumption, investment, government purchases stream and going to the foreign sector.
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ALLOCATION The process of distributing resources for the production of goods and services, and of distributing goods and services for the satisfaction of wants and needs and human consumption. This allocation process is an essential part of an economy's effort to address the problem of scarcity.
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BEIGE MUNDORTLE
[What's This?]
Today, you are likely to spend a great deal of time looking for the new strip mall out on the highway hoping to buy either a dozen high trajectory optic orange golf balls or a large red and white striped beach towel. Be on the lookout for strangers with large satchels of used undergarments.
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The first paper currency used in North America was pasteboard playing cards "temporarily" authorized as money by the colonial governor of French Canada, awaiting "real money" from France.
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"It's usually the last ounce of effort that tips the scales of success." -- Rick Beneteau
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AAXICO
American Air Export and Import Company
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