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LUDDITE: A term used when referring to people, especially workers and union members, who are violently opposed to the introduction of new technology and technologically advanced machinery. Their opposition stems in part from a fear of something that is new and different and in part from a concern that the new technology will reduced the demand for labor and eliminate their jobs. This name stems for the actions of a group calling themselves Luddites who, from 1811 to 1816, sabotaged knitting machines introduced into the textile industry in England.

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Lesson 11: Elasticity Basics | Unit 2: A Little More Page: 6 of 25

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  • Demand responsiveness can be classified into one of two broad categories:

  • Elastic:

  • A good is said to be elastic if quantity is very responsive to the price. To be more specific:

  • Elastic means the percentage change in quantity is greater than the percentage change in price.
  • Inelastic:

  • A good is said to be inelastic if quantity is NOT very responsive to the price. To be more specific:

  • Inelastic means the percentage change in quantity is less than the percentage change in price.

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VARIABLE INPUT

An input whose quantity can be changed in the time period under consideration. The most common example of a variable input is labor. Variable inputs provide the means used by a firm to control short-run production. The alternative to variable input is fixed input. A fixed input, like capital, provides the capacity constraint in production. As larger quantities of a variable input, like labor, are added to a fixed input like capital, the variable input becomes less productive, which is the law of diminishing marginal returns.

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Today, you are likely to spend a great deal of time searching for a specialty store trying to buy either a rim for your spare tire or decorative celebrity figurines. Be on the lookout for neighborhood pets, especially belligerent parrots.
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Francis Bacon (1561-1626), a champion of the scientific method, died when he caught a severe cold while attempting to preserve a chicken by filling it with snow.
"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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Association of American Chambers of Commerce in Latin America
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