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UNIT ELASTIC: An elasticity alternative in which any percentage change in price cause an equal percentage change in quantity. In other words, any change in price, whether big or small, triggers exactly the same percentage change in quantity. Unit elastic should be compared with other elasticity alternatives--perfectly elastic, perfectly inelastic, relatively elastic, and relatively inelastic.
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PRICE RATIONING The distribution or allocation of a limited commodity using markets and prices. Rationing is needed due to the scarcity problem. Because wants and needs are unlimited, but resources are limited, available commodities must be rationed out to competing uses. Markets ration commodities by limiting the purchase only to those buyers willing and able to pay the price.
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In the late 1800s and early 1900s, almost 2 million children were employed as factory workers.
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"To understand a man, you must know his memories. The same is true of a nation." -- Anthony Quayle, Actor
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WPO
Weakly Pareto Optimal
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