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GROSS DOMESTIC PRODUCT, INCOME: A method of estimating gross domestic product (GDP) based on identifying the income (wages, rent, interest, and profit) received by the owners of the four factors of production (labor, capital, land, and entrepreneurship). This is one of two methods used by the Bureau of Economic Analysis in the National Income and Product Accounts to estimate gross domestic product.

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Lesson 11: Elasticity Basics | Unit 4: A Continuum Page: 22 of 25

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In this unit, you should have learned about:
  • The elasticity continuum that ranges from 0 to infinity.
  • The five elasticity alternatives -- perfectly elastic, relatively elastic, unit elastic, relatively inelastic, perfectly inelastic.
  • Perfectly elastic as the alternative in which price is fixed.
  • Relatively elastic as the alternative in which small changes in price cause large changes in quantity.
  • Perfectly inelastic as the alternative in which quantity is fixed.
  • Relatively inelastic as the alternative in which large changes in price cause small changes in quantity.
  • Unit elastic as the alternative in which changes in price are matched by changes in quantity.

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LABOR

The mental and physical human efforts used in the production of goods and services. This is one of four basic categories of resources, or factors of production. The other three are capital, land, and entrepreneurship.

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WHITE GULLIBON
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Today, you are likely to spend a great deal of time going from convenience store to convenience store trying to buy either storage boxes for your summer clothes or 500 feet of coaxial cable. Be on the lookout for defective microphones.
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Two and a half gallons of oil are needed to produce one automobile tire.
"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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