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NATURAL RESOURCES: The naturally occurring resources that are naturally a part of our natural planet which are directed toward production--including land, water, wildlife, vegetation, air, climate, sunshine, mineral deposits, and soil nutrients. Natural resources provide the "stuff" that's used to produce all of the tangible products in the economy, including both consumer goods used for immediate satisfaction of wants and needs and capital used for further production.
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ELASTIC: In general, if changes in variable A cause changes in variable B, then the relative change in B is greater than the relative change in A. In other words, small changes in variable A cause relatively larger changes in variable B. An elastic relationship between two variables is a very responsive, or stretchable, relationship. You should compare elastic with inelastic. See also | elasticity | inelastic | relatively elastic | relatively inelastic | perfectly elastic | unit elastic | perfectly inelastic | demand price | supply price | quantity demanded | quantity supplied | elastic demand | elastic supply |
Recommended Citation:ELASTIC, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2019. [Accessed: June 24, 2019].
AmosWEB Encyclonomic WEB*pedia:Additional information on this term can be found at: WEB*pedia: elastic
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AVERAGE FACTOR COST Total factor cost per unit of factor input employed by a firm in the production of output, found by dividing total factor cost by the quantity of factor input. Average factor cost, abbreviated AFC, is generally equal to the factor price. However, using the longer term average factor cost makes it easier to see the connection to related terms, including total factor cost and marginal factor cost.
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RED AGGRESSERINE
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Today, you are likely to spend a great deal of time lost in your local discount super center looking to buy either a tall storage cabinet with five shelves and a secure lock or a birthday greeting card for your grandmother. Be on the lookout for spoiled cheese hiding under your bed hatching conspiracies against humanity.
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The portrait on the quarter is a more accurate likeness of George Washington than that on the dollar bill.
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