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February 4, 2023 

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RELATIVELY INELASTIC: An elasticity alternative in which relatively large changes in price cause relatively small changes in quantity. In other words, quantity is not very responsive to price. Relatively inelastic should be compared with other elasticity alternatives--relatively elastic, perfectly inelastic, perfectly elastic, and unit elastic.

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PERFECT COMPETITION: An ideal market structure characterized by a large number of small firms, identical products sold by all firms, freedom of entry into and exit out of the industry, and perfect knowledge of prices and technology. This is one of four basic market structures. The other three are monopoly, oligopoly, and monopolistic competition. Perfect competition is an idealized market structure that's not observed in the real world. While unrealistic, it does provide an excellent benchmark that can be used to analyze real world market structures. In particular, perfect competition efficiently allocates resources.

     See also | market structure | firm | monopoly | oligopoly | monopolistic competition | perfect competition and demand | perfect competition and efficiency | perfect competition characteristics | perfect competition and short-run supply curve | monopoly and perfect competition |


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PERFECT COMPETITION, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2023. [Accessed: February 4, 2023].


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ECONOMICS

A social science that studies the allocation of limited resources used to produce the goods and services that satisfy unlimited consumer wants and needs. Economics is one of several social sciences (others are sociology, political science, and anthropology) which applies the scientific method to human behavior. The distinguishing feature of economics is a concern with the fundamental problem of scarcity--unlimited wants and needs and limited resources. Economics is commonly divided into two branches--macroeconomics and microeconomics.

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Today, you are likely to spend a great deal of time calling an endless list of 800 numbers seeking to buy either a travel case for you toothbrush or a looseleaf notebook binder. Be on the lookout for cardboard boxes.
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The standard "debt" notation I.O.U. does not mean "I owe you," but actually stands for "I owe unto..."
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