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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.
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Lesson 10: Gross Domestic Product | Unit 2: Looking Behind GDP
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Page: 9 of 25
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Chunk C also is economic production that does NOT involve market transactions. It includes household productive activities, such as cooking, cleaning, home repairs, and entertainment. - Hiring others for these tasks would be market transactions included in GDP.
- If tasks are done personally, without pay, there is no market transaction and no record of production.
- While information needed to estimate the value of household production could be collected, it might be more trouble than it's worth.
Chunk C is excluded from GDP.
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POINT ELASTICITY The relative responsiveness of a change in one variable (call it B) to an infinitesimally small change in another variable (call it A). The notion of point elasticity typically comes into play when discussing the elasticity at a specific point on a curve.
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BEIGE MUNDORTLE
[What's This?]
Today, you are likely to spend a great deal of time searching the newspaper want ads seeking to buy either a black duffle bag with velcro closures or any book written by Isaac Asimov. Be on the lookout for poorly written technical manuals.
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The portrait on the quarter is a more accurate likeness of George Washington than that on the dollar bill.
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"If anything terrifies me, I must try to conquer it. " -- Francis Charles Chichester, yachtsman, aviator
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SFA
Securities and Futures Authority (UK)
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