March 23, 2018 

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PERFECTLY INELASTIC: An elasticity alternative in which changes in price do NOT cause any change in quantity. In other words, quantity is totally, completely unresponsive to price. Quantity just does not change, regardless of changes in price. Perfectly inelastic should be compared with other elasticity alternatives--perfectly elastic, relatively elastic, relatively inelastic, and unit elastic.

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Full employment is the condition that exists when all available resources are engaged in the production of goods and services. In other words, all resources that could be used for production are being used. This is indicated in production possibilities analysis by producing a combination of goods that places the economy on the production possibilities curve.

Full Employment
Production possibilities, which analyzes the alternative combinations of two goods that an economy can produce with given resources and technology, indicates full employment when production is on the production possibilities curve.

The construction of the production possibilities curve embodies this concept of full employment. Full employment is the condition that exists when all available resources are engaged in the production of goods and services. In particular, each point on the production possibilities curve is based on the presumption that all existing resources are used to produce the two goods. In other words, all resources are engaged in production. This means that full employment exists at every point ON the production possibilities curve.

To illustrate this, use the mouse arrow to point out full employment as all points, including D and J, that lie ON the curve. However, also note that point L does not fully employ all resources and point M is not attainable with existing resources and technology.


Recommended Citation:

FULL EMPLOYMENT, PRODUCTION POSSIBILITIES, AmosWEB Encyclonomic WEB*pedia,, AmosWEB LLC, 2000-2018. [Accessed: March 23, 2018].

Check Out These Related Terms...

     | unemployment, production possibilities | derivation, production possibilities curve | slope, production possibilities curve | opportunity cost, production possibilities | investment, production possibilities | economic growth, production possibilities | economic growth, sources | law of increasing opportunity cost |

Or For A Little Background...

     | full employment | production possibilities | production possibilities curve | assumptions, production possibilities | technical efficiency | graphical analysis |

And For Further Study...

     | economic efficiency | efficiency | economic goals | seven economic rules | free lunch | three questions of allocation | four estates | government functions | political views |

Related Websites (Will Open in New Window)...

     | function text0(){"" |"" | }function text1(){"Full Employment" | }function D(){"Full Employment" |"3 sheds, 425 crab puffs" | }function J(){"Full Employment" |"9 sheds, 200 crab puffs" | }function text2(){"Unemployment" | }function L(){"Unemployment" |"3 sheds, 200 crab puffs" | }function text3(){"Unattainable" | }function M(){"Unattainable" |"9 sheds, 425 crab puffs" | } |

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