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PERFECTLY INELASTIC: An elasticity alternative in which changes in price do NOT cause any change in quantity. In other words, quantity is totally, completely unresponsive to price. Quantity just does not change, regardless of changes in price. Perfectly inelastic should be compared with other elasticity alternatives--perfectly elastic, relatively elastic, relatively inelastic, and unit elastic.
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Lesson 4: Production Possibilities | Unit 5: Investment
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Page: 22 of 24
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Topic:
Bundle Choices: I
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Now with bundle I (270 jogging shoes and 8 calibrators).- Producing 8 calibrators has added even more to the economy's capital.
- The cost of these 8 calibrators is 180 pairs of shoes compared to A, and the extra 4 calibrators compared to bundle E is 140 pairs of shoes.
- These 8 calibrators have increased the quantity of resources even more than bundle E, leading to an even greater shift of production possibilities curve.
- Tomorrow's production possibilities curve is even farther out than today's curve. There is more growth and a bigger shift in the curve.
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MARKET-ORIENTED ECONOMY A mixed economy that relies heavily on markets to answer the three questions of allocation, but with a modest amount of government involvement. While it is commonly termed capitalism, the term market-oriented economy is much more descriptive of the structure of the economy. The United States is the primary example of a market-oriented economy.
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BEIGE MUNDORTLE
[What's This?]
Today, you are likely to spend a great deal of time visiting every yard sale in a 30-mile radius trying to buy either a T-shirt commemorating yesterday or a pair of handcrafted oven mitts. Be on the lookout for crowded shopping malls.
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This isn't me! What am I?
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In the late 1800s and early 1900s, almost 2 million children were employed as factory workers.
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"A leader, once convinced that a particular course of action is the right one, must . . . be undaunted when the going gets tough." -- President Ronald Reagan
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ACT
Advance Corporation Tax
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