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October 18, 2018 

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COEFFICIENT OF ELASTICITY: A numerical measure of the relative response of one variable (A) to changes in another variable (B). The most common applications for the coefficient of elasticity are price elasticity of demand and price elasticity of supply. Two other notable applications are income elasticity of demand and cross elasticity of demand.

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Lesson 1: Economic Basics | Unit 5: Policies Page: 15 of 18

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Markets do a reasonable, but not make perfect, job of pursuing the five economic goals.

Market Imperfections:

  • Instability: Markets can cause instability in the macroeconomy, preventing growth, stability, and full employment.
  • Inefficiency: Market imperfections can prevent the economy from efficiently using resources.
  • Equity: The market generated distribution of income and wealth might not be desired by society.

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LEGAL BUSINESS ORGANIZATIONS

The alternative ways in which a business or firm can be legally organized. The three primary alternatives are proprietorship, partnership, and corporation. Differences among three are mainly based on: (1) number of owners and (2) the liability of the owners. A proprietorship has a single owner with unlimited liability. A partnerships has two or more ownership with unlimited liability. The owners of a corporation have limited liability.

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APLS

GRAY SKITTERY
[What's This?]

Today, you are likely to spend a great deal of time surfing the Internet looking to buy either a cell phone case or a pair of designer sunglasses. Be on the lookout for the last item on a shelf.
Your Complete Scope

This isn't me! What am I?

Before 1933, the U.S. dime was legal as payment only in transactions of $10 or less.
"Executives who get there and stay suggest solutions when they present the problems. "

-- Malcolm Forbes, business executive

M&O
Management and Organization
A PEDestrian's Guide
Xtra Credit
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