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ASSUMPTIONS, PRODUCTION POSSIBILITIES: Production possibilities analysis is based on four key assumptions: (1) resources are used to produce one or both of only two goods, (2) the quantities of the resources do not change, (3) technology and production techniques do not change, and (4) resources are used in a technically efficient way.
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INELASTIC The general relation between two variables in which relatively large changes in one variable (A) cause relatively small changes in another variable (B). In other words, large changes in variable A cause relatively small changes in variable B or the percentage change in variable B is smaller 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. Inelastic is one of two general elasticity relations between two variables. The other is elastic.
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WHITE GULLIBON
[What's This?]
Today, you are likely to spend a great deal of time visiting every yard sale in a 30-mile radius hoping to buy either a large flower pot shaped like a Greek urn or a small palm tree that will fit on your coffee table. Be on the lookout for rusty deck screws.
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One of the largest markets for gold in the United States is the manufacturing of class rings.
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"The greater danger for most of us is not that our aim is too high and we miss it, but that it is too low and we reach it." -- Michelangelo Buonarroti, Painter and Sculptor
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GARP
Generalized Axioms of Revealed Preference
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