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 EMPLOYED: The condition in which a resource (especially labor) is actively engaged in a productive activity usually in exchange for an explicit factor payment (such as wage or salary). This general condition forms the conceptual basis for one of the three categories used by the Bureau of Labor Statistics (BLS) when classifying individual's labor force status. Employed persons is the specific category used by the BLS classification procedure. The other two BLS categories are unemployed persons and not in the labor force.
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 Lesson 11: Elasticity Basics | Unit 4: A Continuum Page: 16 of 25

 Topic: Elasticity Alternatives <=PAGE BACK | PAGE NEXT=>

• The two general categories of elasticity are elastic and inelastic.

• While elasticity can be lumped into these two broad categories, it is best viewed as a continuum.

• This elasticity continuum is divided into five alternatives:

• Perfectly Elastic.
• Relatively Elastic.
• Unit Elastic.
• Relatively Inelastic.
• Perfectly Inelastic.

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LAW OF INCREASING OPPORTUNITY COST

The proposition that opportunity cost, the value of foregone production, increases as the quantity of a good produced increases. This fundamental economic principles can be seen in the production possibilities schedule and is illustrated graphically through the slope of the production possibilities curve. It generates a distinctive convex shape, flat at the top and steep at the bottom.

 GRAY SKITTERY[What's This?] Today, you are likely to spend a great deal of time at a going out of business sale looking to buy either a computer that can play video games and burn DVDs or a black duffle bag with velcro closures. Be on the lookout for spoiled cheese hiding under your bed hatching conspiracies against humanity.Your Complete Scope
 During the American Revolution, the price of corn rose 10,000 percent, the price of wheat 14,000 percent, the price of flour 15,000 percent, and the price of beef 33,000 percent.
 "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