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SBA: The abbreviation for Small Business Administration, which is an independent federal agency that was started in 1953 to help small business. It provides a variety of assistance, including financial, technical, and managerial help. It helps other agencies in the federal government direct contracts and spending in the direction of proprietorships and small corporations. It also provides low interest loans to small businesses that suffer from natural disasters.

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Lesson 11: Elasticity Basics | Unit 4: A Continuum Page: 22 of 25

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In this unit, you should have learned about:
  • The elasticity continuum that ranges from 0 to infinity.
  • The five elasticity alternatives -- perfectly elastic, relatively elastic, unit elastic, relatively inelastic, perfectly inelastic.
  • Perfectly elastic as the alternative in which price is fixed.
  • Relatively elastic as the alternative in which small changes in price cause large changes in quantity.
  • Perfectly inelastic as the alternative in which quantity is fixed.
  • Relatively inelastic as the alternative in which large changes in price cause small changes in quantity.
  • Unit elastic as the alternative in which changes in price are matched by changes in quantity.

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INTERCEPT, SAVING LINE

The intercept of the saving line indicates autonomous saving, saving that does not depend on the level of income or production. This can be thought of as the baseline level of saving that would be undertaken if income falls to zero. Autonomous saving is affected by the consumption expenditures determinants, which cause a change in the intercept and a shift of the saving line. The value of the intercept of the saving line is the negative of the value of the intercept of the consumption line.

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APLS

ORANGE REBELOON
[What's This?]

Today, you are likely to spend a great deal of time at a dollar discount store trying to buy either a decorative windchime with plastic or a flower arrangement for that special day for your mother. Be on the lookout for crowded shopping malls.
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This isn't me! What am I?

In the late 1800s and early 1900s, almost 2 million children were employed as factory workers.
"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

AFEA
American Farm Economic Association
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