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OAS: (Organization of American States ) In 1948, 21 nations of the hemisphere met in Bogota, Colombia, to adopt the Charter of the Organization of American States (OAS). Since then, the OAS has expanded to include the nations of the Caribbean, as well as Canada. Currently, all 35 independent countries of the Americas have ratified the OAS Charter and belong to the Organization. Cuba remains a member, but its government has been excluded from participation in the OAS since 1962. The OAS is the region's premier political forum for multilateral dialogue and action. Among OAS' major goals they work for strengthening freedom of speech and thought as a basic human right, promoting greater participation by civil society in decision-making at all levels of government, improving cooperation to address the problem of illegal drugs and supporting the process to create a Free Trade Area of the Americas.

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Lesson 11: Elasticity Basics | Unit 4: A Continuum Page: 16 of 25

Topic: Elasticity Alternatives <=PAGE BACK | PAGE NEXT=>

  • The two general categories of elasticity are elastic and inelastic.

  • While elasticity can be lumped into these two broad categories, it is best viewed as a continuum.

  • This elasticity continuum is divided into five alternatives:

  • Perfectly Elastic.
  • Relatively Elastic.
  • Unit Elastic.
  • Relatively Inelastic.
  • Perfectly Inelastic.


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ECONOMIES OF SCALE

Declining long-run average cost that occurs as a firm increases all inputs and expands its scale of production. Economies of scale result from increasing returns to scale and are graphically illustrated by a negatively-sloped long-run average cost curve. Economies of scale usually occur for relatively small levels of production and are then overwhelmed by diseconomies of scale for relatively large production levels. Together, economies of scale and diseconomies of scale create a U-shaped long-run average cost curve.

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Today, you are likely to spend a great deal of time flipping through the yellow pages seeking to buy either a coffee cup commemorating the first day of spring or a printer that works with your stockpile of ink cartridges. Be on the lookout for the happiest person in the room.
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The first U.S. fire insurance company was established by Benjamin Franklin in 1752 in Philadelphia.
"Old age isn't so bad when you consider the alternative. "

-- Cato, Roman orator

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