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SPATIAL DIFFERENTIATION: The notion that economic activity is not evenly dispersed across the land. That is, goods, services, resources, production, and consumption are more concentrated at some locations and less concentrated at other locations due to natural endowments and human activity. The result is that no two location points have exactly the same access to inputs or outputs. This is a fundamental principle underlying the study of urban and regional economics and implies that firms and households must include transportation cost and location in production and consumption decisions.
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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.
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PINK FADFLY
[What's This?]
Today, you are likely to spend a great deal of time waiting for visits from door-to-door solicitors hoping to buy either a coffee table shaped like the state of Florida or storage boxes for your summer clothes. Be on the lookout for pencil sharpeners with an attitude.
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In the early 1900s around 300 automobile companies operated in the United States.
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"If you worried about falling off the bike, you'd never get on. " -- Lance Armstrong, bicycle racer
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AS-AD
Aggregate Supply-Aggregate Demand Model
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