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ECONOMY: The system of production, distribution, and consumption of goods and services that a society uses to address the problem of scarcity. The essential task of an economy is to transform resources into useful goods and services (the act of production), then distribute or allocate these products to useful ends (the act of consumption). Virtually all economies accomplish this task through a combination of decisions made through voluntary market exchanges and involuntary government rules and regulations.
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RELATIVELY INELASTIC An elasticity alternative in which relatively large changes in one variable (usually price) cause relatively small changes in another variable (usually quantity). In other words, quantity is not very responsive to price. Quantity does change, but not much, in response to large changes in price. This characterization of elasticity is most important for the price elasticity of demand and the price elasticity of supply. Relatively inelastic is one of five elasticity alternatives. The other four are perfectly elastic, perfectly inelastic, relatively elastic, and unit elastic.
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A scripophilist is one who collects rare stock and bond certificates, usually from extinct companies.
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"The greatest use of life is to spend it for something that will outlast it." -- William James, psychologist
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NBS
Nash Bargaining Solution
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