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VARIABLE INPUT: An input whose quantity can be changed in the time period under consideration. This should be immediately compared and contrasted with fixed input. The most common example of a variable input is labor. A variable input provides the extra inputs that a firm needs to expand short-run production. In contrast, a fixed input, like capital, provides the capacity constraint in production. As larger quantities of a variable input, like labor, are added to a fixed input like capital, the variable input becomes less productive. This is, by the way, the law of diminishing marginal returns.

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Lesson 11: Elasticity Basics | Unit 1: The Concept Page: 3 of 25

Topic: Quantity Changes <=PAGE BACK | PAGE NEXT=>

  • While the elasticity concept can be applied to several different areas, when applied to the market, elasticity captures the relation between price and quantity.

  • The force activating the change is price and the variable that's being stretched is quantity.

  • The importance of elasticity for market analysis comes into play in the following way:

    • First, market shocks triggered by determinant-induced shifts of the demand and supply curves create shortages and surpluses.
    • Second, governments are fond of placing taxes or price controls on markets.

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THIRD ESTATE

Another term for consumers and the household sector. This is one of four divisions of society based on economic function. The other three are government as the first estate, businesses as the second estate, and journalists as the fourth estate.

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Today, you are likely to spend a great deal of time looking for the new strip mall out on the highway looking to buy either a T-shirt commemorating the 2000 Olympics or a genuine fake plastic Tiffany lamp. Be on the lookout for high interest rates.
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The earliest known use of paper currency was about 1270 in China during the rule of Kubla Khan.
"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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