Google
Sunday 
September 15, 2019 

AmosWEB means Economics with a Touch of Whimsy!

AmosWEBWEB*pediaGLOSS*aramaECON*worldCLASS*portalQUIZ*tasticPED GuideXtra CrediteTutorA*PLS
RELATIVELY INELASTIC: An elasticity alternative in which relatively large changes in price cause relatively small changes in quantity. In other words, quantity is not very responsive to price. Relatively inelastic should be compared with other elasticity alternatives--relatively elastic, perfectly inelastic, perfectly elastic, and unit elastic.

Visit the GLOSS*arama

Most Viewed (Number) Visit the WEB*pedia

SCARCITY: A pervasive condition of human existence that exists because society has unlimited wants and needs, but limited resources used for their satisfaction. In other words, while we all want a bunch of stuff, we can't have everything that we want. In slightly different words, this scarcity problem means: (1) that there's never enough resources to produce everything that everyone would like produced; (2) that some people will have to do without some of the stuff that they want or need; (3) that doing one thing, producing one good, performing one activity, forces society to give up something else; and (4) that the same resources can not be used to produce two different goods at the same time. We live in a big, bad world of scarcity. This big, bad world of scarcity is what the study of economics is all about. That's why we usually subtitle scarcity: THE ECONOMIC PROBLEM.

     See also | first rule of scarcity | unlimited wants and needs | limited resources | satisfaction | resources | wants | needs | production | consumption | economics | opportunity cost | scarce resource |


Recommended Citation:

SCARCITY, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2019. [Accessed: September 15, 2019].


AmosWEB Encyclonomic WEB*pedia:

Additional information on this term can be found at:

WEB*pedia: scarcity

Search Again?

Back to the GLOSS*arama

THREE-SECTOR KEYNESIAN MODEL

A Keynesian model of the macroeconomy that includes the three domestic sectors, the household sector, the business sector, and the government sector. This Keynesian model variation adds the government sector (or public sector) to the household and business sectors that make up the two-sector model. This model enables an analysis of government stabilization policies, especially how fiscal policy changes in government purchases and taxes can be used to close recessionary gaps and inflationary gaps. Equilibrium is identified as the intersection between the C + I + G line and the 45-degree line. Two related models are the two-sector Keynesian model and the four-sector Keynesian model.

Complete Entry | Visit the WEB*pedia


APLS

YELLOW CHIPPEROON
[What's This?]

Today, you are likely to spend a great deal of time browsing through a long list of dot com websites wanting to buy either an ink cartridge for your printer or a rechargeable battery for your camera. Be on the lookout for cardboard boxes.
Your Complete Scope

This isn't me! What am I?

Lewis Carroll, the author of Alice in Wonderland, was the pseudonym of Charles Dodgson, an accomplished mathematician and economist.
"Most human beings have an almost infinite capacity for taking things for granted. "

-- Aldous Huxley, writer

T-BILL
Treasury Bill
A PEDestrian's Guide
Xtra Credit
Tell us what you think about AmosWEB. Like what you see? Have suggestions for improvements? Let us know. Click the User Feedback link.

User Feedback



| AmosWEB | WEB*pedia | GLOSS*arama | ECON*world | CLASS*portal | QUIZ*tastic | PED Guide | Xtra Credit | eTutor | A*PLS |
| About Us | Terms of Use | Privacy Statement |

Thanks for visiting AmosWEB
Copyright ©2000-2019 AmosWEB*LLC
Send comments or questions to: WebMaster