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FACTORS OF PRODUCTION: The four basic factors used to produce goods and services in the economy--labor, capital, land, and entrepreneurship. These are also called resources or scarce resources. The term "factors of production" is quite descriptive of the function these "resources" perform. Labor, capital, land, and entrepreneurship are the four "factors" or items use in the "production" of goods and services. So there you have it "factors" of "production."

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Lesson 11: Elasticity Basics | Unit 1: The Concept Page: 4 of 25

Topic: Some Definitions <=PAGE BACK | PAGE NEXT=>

  • The working, measurement based definition goes something like this:

  • Elasticity is the percentage change of one variable relative to the percentage change in another variable.
  • When applied to market analysis, specific elasticity definitions work for both demand and supply:

  • The price elasticity of demand is the percentage change in quantity demanded resulting from a percentage change in demand price.
  • The price elasticity of supply is the percentage change in quantity supplied resulting from a percentage change in supply price.

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PROCESS INNOVATION

An innovation that is an improvement in an existing product, technology, or idea or an improvement in the way a product, technology, or idea is produced. The contrast is with a product innovation, which is an innovation of a new product, technology, or idea that generates a beneficial improvement in society and the economy; one that is fundamentally different from existing products, technologies, or ideas.

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