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INELASTIC SUPPLY: Relatively large changes in supply price cause relatively smaller changes in quantity supplied. Inelastic supply means that changes in the quantity supplied are not very responsive to changes in the supply price. An inelastic supply has a coefficient of elasticity less than one. You might want to compare inelastic supply to elastic supply, inelastic demand, and elastic demand.
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ECONOMIC PROFIT The difference between the total opportunity cost of production and the total revenue received by a firm. Economic profit is what remains after ALL opportunity cost associated with production (including a normal profit) is deducted from the revenue generated by the production. Economic profit is one of three alternative notions of profit. The other two are accounting profit and normal profit.
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BEIGE MUNDORTLE
[What's This?]
Today, you are likely to spend a great deal of time going from convenience store to convenience store seeking to buy either a set of luggage with wheels or a birthday gift for your aunt. Be on the lookout for fairy dust that tastes like salt.
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This isn't me! What am I?
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Lombard Street is London's equivalent of New York's Wall Street.
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"Defeat is simply a signal to press onward." -- Helen Keller, lecturer, author
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T-BOND
Treasury Bond
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