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UNIT ELASTIC: An elasticity alternative in which any percentage change in price cause an equal percentage change in quantity. In other words, any change in price, whether big or small, triggers exactly the same percentage change in quantity. Unit elastic should be compared with other elasticity alternatives--perfectly elastic, perfectly inelastic, relatively elastic, and relatively inelastic.

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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.

     See also | resources | land | factors of production | labor | capital | entrepreneurship | pollution |


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AVERAGE FACTOR COST CURVE

A curve that graphically represents the relation between average factor cost incurred by a firm for employing an input and the quantity of input used. Because average factor cost is essentially the price of the input, the average factor cost curve is also the supply curve for the input. The average factor cost curve for a firm with no market control is horizontal. The average revenue curve for a firm with market control is positively sloped.

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BROWN PRAGMATOX
[What's This?]

Today, you are likely to spend a great deal of time driving to a factory outlet looking to buy either a wall poster commemorating yesterday or pink cotton balls. Be on the lookout for jovial bank tellers.
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There were no banks in colonial America before the U.S. Revolutionary War. Anyone seeking a loan did so from another individual.
"Success without honor is an unseasoned dish; it will satisfy your hunger, but it won't taste good. "

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Q-RATIO
Ratio of Total Market Value of Physical Assets
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