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INELASTIC DEMAND: Relatively large changes in demand price cause relatively smaller changes in quantity demanded. Inelastic demand means that changes in the quantity demanded are not very responsive to changes in the demand price. An inelastic demand has a coefficient of elasticity less than one (the negative value is ignored). You might want to compare inelastic demand to elastic demand, inelastic supply, and elastic supply.
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RESOURCES Labor, capital, land, and entrepreneurship used by society to produce consumer satisfying goods and services. Resources are often given the more descriptive term factors of production.
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BEIGE MUNDORTLE
[What's This?]
Today, you are likely to spend a great deal of time at a garage sale wanting to buy either a package of 4 by 6 index cards, the ones with lines or a 50 foot extension cord. Be on the lookout for a thesaurus filled with typos.
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Three-forths of the gold mined each year is used to manufacture jewelry.
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"Success doesn't come to you . . . you go to it " -- Marva Collins, Educator
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AIC
Akaike's Information Criterion
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