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INELASTIC SUPPLY: Relatively large changes in supply price cause relatively smaller changes in quantity supplied. Inelastic supply means that changes in the quantity supplied are not very responsive to changes in the supply price. An inelastic supply has a coefficient of elasticity less than one. You might want to compare inelastic supply to elastic supply, inelastic demand, and elastic demand.

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PROTECTIONISM

The view that the domestic sector of an economy, its consumers, and its producers should be protected from imports by imposing barriers to foreign trade. This is based on the notion that imports are detrimental to the economy and to its citizens. Protectionism is intended to secure domestic jobs, increase domestic wages, promote domestic production, and create a balance of trade surplus. It usually takes the form of tariffs, import quotas, and assorted non-tariff regulatory barriers.

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APLS

YELLOW CHIPPEROON
[What's This?]

Today, you are likely to spend a great deal of time touring the new suburban shopping complex looking to buy either a how-to book on home decorating or a set of luggage with wheels. Be on the lookout for the happiest person in the room.
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This isn't me! What am I?

A lump of pure gold the size of a matchbox can be flattened into a sheet the size of a tennis court!
"Experience keeps a dear school, but fools will learn in no other. "

-- Benjamin Franklin

PPF
Production Possibilities Frontier
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