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PRICE ELASTICITY OF SUPPLY: The relative response of a change in quantity supplied to a relative change in price. More specifically the price elasticity of supply can be defined as the percentage change in quantity supplied due to a percentage change in supply price. The price elasticity of supply should be contrasted with the price elasticity of demand.

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Lesson 3: Scarcity | Unit 2: Resources Page: 5 of 17

Topic: Working Together <=PAGE BACK | PAGE NEXT=>

Here's how our four resources work together in the production process:
  • Land provides the basic raw materials that become the good.
  • Labor provides the human efforts that transform the materials into a good. They do the work.
  • Capital makes labor's production task easier and more effective. These are the tools.
  • Entrepreneurship undertakes the risk of beginning the whole production process and bringing the other three resources together.

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WHAT?

The allocation question that determines the types and quantities of goods and services produced with society's limited resources. What goods and services are produced with society's limited resources? This is one of three basic questions of allocation. The other two are How? and For Whom?

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Today, you are likely to spend a great deal of time at a flea market hoping to buy either a really, really exciting, action-filled video game or a coffee cup commemorating the moon landing. Be on the lookout for gnomes hiding in cypress trees.
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In his older years, Andrew Carnegie seldom carried money because he was offended by its sight and touch.
"The moment you let avoiding failure become your motivator, you're down the path of inactivity. "

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