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ELASTICITY ALTERNATIVES, DEMAND: The price elasticity of demand can fall into one of five categories--perfectly elastic, relatively elastic, unit elastic, relatively inelastic, and perfectly inelastic--based on the coefficient of elasticity. These five elasticity alternatives form a continuum ranging from perfectly elastic at one end to perfectly inelastic at the other. The "middle" of this continuum is occupied by unit elastic. in that the "unit" and the two "perfectly" are really borders, boundaries, and endpoints, most of the real world action involving the price elasticity of demand takes place in the two "relatively" alternatives--relatively elastic and relatively inelastic.
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SECOND ESTATE Another term for the business sector. This is one of four divisions of society based on economic function. The other three are government as the first estate, consumers as the third estate, and journalists as the fourth estate.
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PURPLE SMARPHIN
[What's This?]
Today, you are likely to spend a great deal of time at a garage sale seeking to buy either a flower arrangement for that special day for your mother or a New York Yankees baseball cap. Be on the lookout for gnomes hiding in cypress trees.
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Lombard Street is London's equivalent of New York's Wall Street.
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"Nearly all men can stand adversity; but if you want to test a manžs character, give him power. " -- Abraham Lincoln, 16th U.S. President
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GEB
Games and Economic Behavior
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