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March 23, 2023 

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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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GROWTH RATE OF PRODUCTION: The percentage change in (usually real) gross domestic product from one year to the next. This is used to indicate the degree of progress or economic growth of an economy.

     See also | gross domestic product | real gross domestic product | growth | economic growth | living standard |


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SEVENTH RULE OF COMPLEXITY

The seventh of seven basic rules of the economy, stating that every action in the complex world has direct and often intended consequences combined with indirect and probably unintended effects.

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Today, you are likely to spend a great deal of time at a garage sale hoping to buy either a set of steel-belted radial snow tires or a wall poster commemorating the 2000 Presidential election. Be on the lookout for attractive cable television service repair people.
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Cyrus McCormick not only invented the reaper for harvesting grain, he also invented the installment payment for selling his reaper.
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