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COEFFICIENT OF ELASTICITY: A numerical measure of the relative response of one variable (A) to changes in another variable (B). The most common applications for the coefficient of elasticity are price elasticity of demand and price elasticity of supply. Two other notable applications are income elasticity of demand and cross elasticity of demand.
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FREE ENTERPRISE In theory, an economic system that relies extensively, if not exclusively, on unregulated markets to exchange resources, goods and services, and to answer the three questions of allocation. In practice, this term is often used synonymously with capitalism.
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WHITE GULLIBON
[What's This?]
Today, you are likely to spend a great deal of time at the confiscated property police auction seeking to buy either a pair of designer sunglasses or looseleaf notebook paper. Be on the lookout for mail order catalogs with hidden messages.
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Only 1% of the U.S. population paid income taxes when the income tax was established in 1914.
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"An idea is never given to you without you being given the power to make it reality." -- Richard Bach, Author
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JEH
Journal of Economic History
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