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September 25, 2022 

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LEGAL FORCES: Forces in the marketing environment that are shaped by government laws affecting business. These are very similar to political forces. Once laws are enacted they are usually very difficult to change. Many companies work hard at lobbying legislatures, Congress, and other elected to pass laws favorable to the company's best interests.

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PRIVATE PROPERTY: A fundamental economic institution in which resources (property) are owned and controlled by households and businesses (the private sector) rather than government (the public sector). Private property provides critical incentives for the efficient operation of competitive market and a market-oriented economy. Under private-property ownership, control over resources is relinquished (that is sold) when the owners are compensated for their opportunity costs. And this is just the sort of thing that leads to an efficient use of resources.

     See also | institution | resources | ownership and control | household | business | private sector | government | public sector | efficiency | competitive market | market-oriented economy | opportunity cost |


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PRIVATE PROPERTY, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2022. [Accessed: September 25, 2022].


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COEFFICIENT OF ELASTICITY

A numerical measure of the relative response of one variable to changes in another variable. The coefficient of elasticity is used to quantify the concept of elasticity, including price elasticity of demand, price elasticity of supply, income elasticity of demand, and cross elasticity of demand. The coefficient can be calculated using the simple endpoint or midpoint formulas or with more sophisticated calculus and logarithmic techniques.

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Today, you are likely to spend a great deal of time waiting for visits from door-to-door solicitors wanting to buy either an AC adapter for your CD player or storage boxes for your family photos. Be on the lookout for the happiest person in the room.
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Parker Brothers, the folks who produce the Monopoly board game, prints more Monopoly money each year than real currency printed by the U.S. government.
"If I'm selecting a group, the first thing I look for is a record of achievement . . . If (candidates achieve) in small things, there's a very good chance they'll perform well in big things. "

-- Edmund Hillary, explorer

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