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SMITH, ADAM: A Scottish professor (born 1723, died 1790) who is considered the father of modern economics for his revolutionary book, entitled An Inquiry into the Nature and Causes of the Wealth of Nations published in 1776.
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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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ORANGE REBELOON
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Today, you are likely to spend a great deal of time visiting every yard sale in a 30-mile radius trying to buy either a flower arrangement in a coffee cup for your father or a how-to book on meeting people. Be on the lookout for vindictive digital clocks with revenge on their minds.
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Helping spur the U.S. industrial revolution, Thomas Edison patented nearly 1300 inventions, 300 of which came out of his Menlo Park "invention factory" during a four-year period.
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"Luck is what happens when preparation meets opportunity. " -- Seneca, Roman philosopher
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NEDO
National Economic Development Office
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