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SELLERS' MARKET: A disequilibrium condition in a competitive market that has a shortage, such that sellers are able to force the price up. Note that a sellers' market does not mean that the lack of competition among demanders have given sellers market control. A sellers' market is a competitive market that is faced with a temporary imbalance between the quantity supplied by the sellers and the quantity demanded by the buyers.
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ELASTIC The general relation between two variables in which relatively small changes in one variable (A) cause relatively large changes in another variable (B). Small changes in variable A cause relatively large changes in variable B or the percentage change in variable B is larger than the percentage change in variable A. This characterization of elasticity is most important for the price elasticity of demand and the price elasticity of supply. Elastic is one of two general elasticity relations between two variables. The other is inelastic.
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BLUE PLACIDOLA
[What's This?]
Today, you are likely to spend a great deal of time wandering around the shopping mall looking to buy either a battery-powered, rechargeable vacuum cleaner or a remote controlled World War I bi-plane. Be on the lookout for a thesaurus filled with typos.
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In the Middle Ages, pepper was used for bartering, and it was often more valuable and stable in value than gold.
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"Something in human nature causes us to start slacking off at our moment of greatest accomplishment. As you become successful, you will need a great deal of self-discipline not to lose your sense of balance, humility and commitment." -- H. Ross Perot
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AASB
American Assocation of Small Business
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