|
|
ABSOLUTE ADVANTAGE: The general ability to produced more goods using fewer resources. This idea of absolute advantage is important for trading that occurs between both people and nations. A nation can get an absolute advantage from an advanced level of technology or higher quality resources. For a person, an absolute advantage can result from natural abilities or the acquisition of human capital (education, training, or experience).
Visit the GLOSS*arama
|
|
|
|
|
PERFECTLY ELASTIC An elasticity alternative in which infinitesimally small changes in one variable (usually price) cause infinitely large changes in another variable (usually quantity). Quantity is infinitely responsive to price. Any change in price, no matter how small, triggers an infinite change in quantity. This characterization of elasticity is most important for the price elasticity of demand and the price elasticity of supply. Perfectly elastic is one of five elasticity alternatives. The other four are perfectly inelastic, relatively elastic, relatively inelastic, and unit elastic.
Complete Entry | Visit the WEB*pedia |
|
|
|
The penny is the only coin minted by the U.S. government in which the "face" on the head looks to the right. All others face left.
|
|
|
"A man is not finished when he is defeated. He is finished when he quits. " -- President Richard Nixon
|
|
NLREG
Nonlinear Statistical Regression
|
|
|
Tell us what you think about AmosWEB. Like what you see? Have suggestions for improvements? Let us know. Click the User Feedback link.
User Feedback
|
|
