|
ELASTIC SUPPLY: Relatively small changes in supply price cause relatively larger changes in quantity supplied. Elastic supply means that changes in the quantity supplied are relatively responsive to changes in the supply price. An elastic supply has a coefficient of elasticity greater than one. You might want to compare elastic supply to inelastic supply, elastic demand, and inelastic demand.
Visit the GLOSS*arama
|
|
|
|
NATURAL RESOURCES: The naturally occurring resources that are naturally a part of our natural planet which are directed toward production--including land, water, wildlife, vegetation, air, climate, sunshine, mineral deposits, and soil nutrients. Natural resources provide the "stuff" that's used to produce all of the tangible products in the economy, including both consumer goods used for immediate satisfaction of wants and needs and capital used for further production. See also | resources | land | factors of production | labor | capital | entrepreneurship | pollution | Recommended Citation:NATURAL RESOURCES, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2024. [Accessed: April 27, 2024]. AmosWEB Encyclonomic WEB*pedia:Additional information on this term can be found at: WEB*pedia: natural resources
Search Again?
Back to the GLOSS*arama
|
|
BALANCE OF TRADE The difference between the value of goods and services exported out of a country and the value of goods and services imported into the country. The balance of trade is the official term for net exports that makes up the balance of payments. The balance of trade can be a "favorable" surplus (exports exceed imports) or an "unfavorable" deficit (imports exceed exports). The official balance of trade is separated into the balance of merchandise trade for tangible goods and the balance of services.
Complete Entry | Visit the WEB*pedia |
|
|
PURPLE SMARPHIN [What's This?]
Today, you are likely to spend a great deal of time searching the newspaper want ads wanting to buy either a 50-foot blue garden hose or a turbo-powered vacuum cleaner. Be on the lookout for broken fingernail clippers. Your Complete Scope
This isn't me! What am I?
|
|
The first paper currency used in North America was pasteboard playing cards "temporarily" authorized as money by the colonial governor of French Canada, awaiting "real money" from France.
|
|
"Nothing is a waste of time if you use the experience wisely. " -- Auguste Rodin, Sculptor
|
|
IRBNE Income Received But Not Earned
|
|
Tell us what you think about AmosWEB. Like what you see? Have suggestions for improvements? Let us know. Click the User Feedback link.
User Feedback
|
|