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INELASTIC DEMAND: Relatively large changes in demand price cause relatively smaller changes in quantity demanded. Inelastic demand means that changes in the quantity demanded are not very responsive to changes in the demand price. An inelastic demand has a coefficient of elasticity less than one (the negative value is ignored). You might want to compare inelastic demand to elastic demand, inelastic supply, and elastic supply.

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PRIVATIZATION: The process of converting or "selling off" government-owned assets, properties, or production activities to private ownership. After several decades of increasing government control over productive activities, privatization came into vogue in the 1980s, along with business deregulation and an overall movement toward greater use of markets.

     See also | private property | private sector | government | public sector | deregulation | market | fifth rule of imperfection | invisible hand | government functions | conservative | liberal | nationalization | paternalism | mixed economy | free enterprise | normative economics |


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PRIVATIZATION, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2018. [Accessed: January 17, 2018].


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DISTRIBUTION STANDARDS

Alternative criteria for distributing the income generated from the production of goods and services to members of society. These criteria determine how total income is divided up across the economy, effectively answering the For Whom? question of allocation. The three most important distribution criteria are contributive standard, equality standard, and needs standard.

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Today, you are likely to spend a great deal of time at a garage sale looking to buy either a coffee cup commemorating the first day of spring or a printer that works with your stockpile of ink cartridges. Be on the lookout for defective microphones.
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Junk bonds are so called because they have a better than 50% chance of default, carrying a Standard & Poor's rating of CC or lower.
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