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PHYSICAL SCIENCE: The scientific study of nonhuman, nonsociety phenomenon, such as atoms, planets, wildlife, and continental drift. Common disciplines that study these physical phenomenon go by the names physics, chemistry, biology, geology, and astronomy, among others. The primary reason for this entry is to provide a contrast with social sciences, especially economics, that study human behavior and society.
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PERFECTLY INELASTIC: An elasticity alternative in which changes in price do NOT cause any change in quantity. In other words, quantity is totally, completely unresponsive to price. Quantity just does not change, regardless of changes in price. Perfectly inelastic should be compared with other elasticity alternatives--perfectly elastic, relatively elastic, relatively inelastic, and unit elastic. See also | elasticity | perfectly elastic | relatively inelastic | relatively elastic | unit elastic | price elasticity of demand | price elasticity of supply |
Recommended Citation:PERFECTLY INELASTIC, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2024. [Accessed: September 9, 2024].
AmosWEB Encyclonomic WEB*pedia:Additional information on this term can be found at: WEB*pedia: perfectly inelastic
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SCARCE RESOURCE A resource with an available quantity less than its desired use. Scarce, or economic, resources are also called factors of production and are generally classified as either labor, capital, land, or entrepreneurship. Scarce resources are the workers, equipment, raw materials, and organizers used to produce scarce goods. Like the more general society-wide condition of scarcity, a given resource falls into the scarce category because it has a limited availability in combination with greater (potentially unlimited) productive uses.
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YELLOW CHIPPEROON
[What's This?]
Today, you are likely to spend a great deal of time at an auction seeking to buy either storage boxes for your winter clothes or several magazines on time travel. Be on the lookout for slightly overweight pizza delivery guys.
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Cyrus McCormick not only invented the reaper for harvesting grain, he also invented the installment payment for selling his reaper.
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"Do not wait; the time will never be just right " -- Napoleon Hill, author
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ROA
Return on Assets
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