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GROSS DOMESTIC PRODUCT: The total market value of all goods and services produced within the political boundaries of an economy during a given period of time, usually one year. This is the government's official measure of how much output our economy produces. It's tabulated and reported by the National Income and Product Accounts maintained by the Bureau of Economic Analysis, which is part of the U. S. Department of Commerce.

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Lesson 11: Elasticity Basics | Unit 4: A Continuum Page: 17 of 25

Topic: Perfectly Elastic <=PAGE BACK | PAGE NEXT=>

  • At one end of the elasticity continuum is perfectly elastic:

  • Perfectly elastic is an elasticity alternative in which infinitesimally small changes in one variable (price) cause infinitely large changes in another variable (quantity).
  • This works for both the price elasticity of demand and the price elasticity of supply, because the negative value of the price elasticity of demand is ignored.

  • Perfectly elastic demand and supply are represented by horizontal demand and supply curves.

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EFFICIENCY

Generating the most possible satisfaction from a given amount of resources. Efficiency means that this satisfaction of wants and needs cannot be increased by producing more of one good and less of another. This is one of the five economic goals and one of two microeconomic goals. The other goals are full employment, stability, economic growth, and equity.

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Today, you are likely to spend a great deal of time searching the newspaper want ads looking to buy either several magazines on fashion design or a package of 3 by 5 index cards, the ones without lines. Be on the lookout for poorly written technical manuals.
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Helping spur the U.S. industrial revolution, Thomas Edison patented nearly 1300 inventions, 300 of which came out of his Menlo Park "invention factory" during a four-year period.
"Think not of yourself as the architect of your career but as the sculptor. Expect to have to do a lot of hard hammering and chiseling and scraping and polishing. "

-- B. C. Forbes, founder, Forbes magazine

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