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COEFFICIENT OF ELASTICITY: A numerical measure of the relative response of one variable (A) to changes in another variable (B). The most common applications for the coefficient of elasticity are price elasticity of demand and price elasticity of supply. Two other notable applications are income elasticity of demand and cross elasticity of demand.
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VALUE IN EXCHANGE The ability to trade an item or asset, especially money, for other goods and services that can then be used to satisfy wants and needs. Value in exchange means that value (that is, satisfaction) is obtained indirectly through the acquisition of something else. For an item to have value in exchange it need NOT have value in use, value obtained directly from the consumption of a good or service.
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BLACK DISMALAPOD
[What's This?]
Today, you are likely to spend a great deal of time wandering around the shopping mall seeking to buy either an instructional DVD on learning to the play the oboe or a small, foam rubber football. Be on the lookout for malfunctioning pocket calculators.
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This isn't me! What am I?
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Woodrow Wilson's portrait adorned the $100,000 bill that was removed from circulation in 1929. Woodrow Wilson was removed from circulation in 1924.
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"People of mediocre ability sometimes achieve outstanding success because they don't know when to quit. Most men succeed because they are determined to. " -- George Allen, U.S. senator
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Bank Note
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