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AGRARIAN: A term signifying a connection to farming, agricultural production, or the land. Agrarian is often used as a modifier for other terms, such as agrarian society (an economy that relies heavily on agricultural production), agrarian society (a society based on the institutions that emerge from a heavy reliance on agricultural production), or agrarian movement (a political movement designed to product agricultural production). Because farming was one of the first and remains one of the most fundamental activities undertaken by even the most primitive society, agrarian is typically associated with less developed, as in the phrase a "less developed, agrarian nation."

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Lesson 11: Elasticity Basics | Unit 5: Market Elasticity Page: 24 of 25

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

  • Elasticity determinants affect the coefficient of elasticity.

  • Availability of Substitutes:
    • The elasticities of demand and supply are relatively greater for goods that have a large number of relatively close substitutes-in-consumption or substitutes-in-production.

  • Time Period:
    • The elasticities of demand and supply are relatively greater for goods over a longer period than a shorter period.

  • Proportion of Budget:
    • The elasticity of demand is greater for goods that take up a smaller proportion of a buyer's budget.

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RENT SEEKING

The inclination of everyone who is alive and breathing to get as much extra income, wealth, profit, or satisfaction as they can. Rent, while technically considered the factor payment for the use of land resources, is also commonly used as a synonym for economic profit, for the acquisition of benefits above opportunity cost. Rent seeking is the entirely rational process of obtain as much "extra" as possible. In effect, rent seeking is nothing more than utility maximization. Efficiency problems can arise, however, when rent seeking is enhanced and enabled through market control, political influence, or actions of special interest groups.

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Today, you are likely to spend a great deal of time browsing about a thrift store seeking to buy either decorative celebrity figurines or a flower arrangement with anything but tulips for your grandfather. Be on the lookout for telephone calls from long-lost relatives.
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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.
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