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PERFECTLY ELASTIC: An elasticity alternative in which infinitesimally small changes in price cause infinitely large changes in quantity. In other words, quantity is hyper, super, infinitely responsive to price. Any change in price, no matter how small triggers an infinite change in quantity. Perfectly elastic should be compared with other elasticity alternatives--perfectly inelastic, relatively elastic, relatively inelastic, and unit elastic.

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Lesson 6: Supply | Unit 1: Selling Basics Page: 4 of 19

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  • Supply as the range of prices and quantities that sellers are willing and able to sell at different prices.
  • Why sellers must be both willing and able to sell a good to have a supply. While willingness can influence some supply, ability, which is based on production cost, is more important.
  • Why supply includes a range of prices and quantities, not just a specific quantity.
  • Why supply is analyzed during a given time period.
  • That supply price as the minimum price sellers would be willing and able to accept for a given quantity.
  • That quantity supplied is the specific quantity sellers would be willing and able to sell at a specific price.


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BANK PANIC

An economy-wide problem in the financial sector and the banking industry that triggers an economy-wide business-cycle contraction or even depression. Bank panics were common throughout the 1800s and early 1900s, during which time they where the primary cause of business-cycle downturns. Bank panics usually involved bank runs that spread from bank to bank throughout the economy.

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APLS

RED AGGRESSERINE
[What's This?]

Today, you are likely to spend a great deal of time at a flea market trying to buy either a 200-foot blue garden hose or a video camera with stop action features. Be on the lookout for letters from the Internal Revenue Service.
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This isn't me! What am I?

There were no banks in colonial America before the U.S. Revolutionary War. Anyone seeking a loan did so from another individual.
"When you play, play hard; when you work, don't play at all. "

-- Theodore Roosevelt, 26th US president

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General Agreement on Trade in Services
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