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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 11: Elasticity Basics | Unit 3: Measurement Page: 12 of 25

Topic: The Coefficient <=PAGE BACK | PAGE NEXT=>

  • The number produced from this measurement is termed the coefficient of elasticity, or when fewer words are needed the elasticity coefficient.

  • The coefficient of elasticity is a numerical measure of the relative response of one variable to changes in another variable.
  • Here's a general formula for calculating the elasticity coefficient.

    elasticity
    coefficient
    =percentage change in quantity
    percentage change in price


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FALLACY OF COMPOSITION

The logical fallacy of arguing that what is true for the parts is also true for the whole. In the study of economics, this takes the form of assuming that what works for parts of the economy, such as households or businesses, also works for the aggregate, or macroeconomy. The contrasting fallacy is the fallacy of division.

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BLACK DISMALAPOD
[What's This?]

Today, you are likely to spend a great deal of time flipping through mail order catalogs wanting to buy either a birthday gift for your aunt or a pair of leather sandals that won't cause blisters. Be on the lookout for door-to-door salesmen.
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This isn't me! What am I?

A thousand years before metal coins were developed, clay tablet "checks" were used as money by the Babylonians.
"Work is an extension of personality. It is achievement. It is one of the ways in which a person defines himself, measures his worth and his humanity. "

-- Peter Drucker, author

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