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FINAL GOODS AND SERVICES: Goods and services that are available for purchase by their ultimate or intended user with no plans for further physical transformation or as an input in the production of other goods that will be resold. Gross domestic product seeks to measure the market value of final goods. Final goods are purchased through product markets by the four basic macroeconomic sectors (household, business, government, and foreign) as consumption expenditures, investment expenditures, government purchases, and exports. Final goods, which are closely related to the term current production, should be contrasted with intermediate goods--goods (and services) that will be further processed before reaching their ultimate user.

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Lesson 12: Elasticity and Demand | Unit 5: Other Measures Page: 22 of 25

Topic: Price Elasticity Of Supply <=PAGE BACK | PAGE NEXT=>

  • A definition:

  • Price elasticity of supply is the relative response of quantity supplied to changes in supply price.
  • The price elasticity of supply is the percentage change in quantity supplied resulting from a percentage change in supply price.

  • And like demand elasticity can be separated into the five alternatives, so too can supply.

  • These five alternatives -- perfectly elastic, relatively elastic, unit elastic, relatively inelastic, and perfectly inelastic are presented in this table.

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SEVEN ECONOMIC RULES

A set of seven fundamental notions that reflect the study of economics and how the economy operates. They are: (1) scarcity, (2) subjectivity, (3) inequality, (4) competition, (5) imperfection, (6) ignorance, and (7) complexity.

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