Okay, so I need help with economics. I only got a few parts down, like the four factors ( land, labor, capital, entrepranual costs) and that's basically it. I'm supposed to have all of this down by two weeks for when I get back to school. Can someone please be so kind enough to break down every concept and definition for me? I mostly don't understand elasticity and inelasticity and the equilibrium and how to apply all of that stuff.. PLEASE HELP ME!!!!!!
2006-12-26 05:57:10 · 4 answers · asked by Sarah . 1 in Social Science ➔ Economics
Elasticity basically measures if you change one factor how much of a change in the other factor. Like if prices change a bit, does it cause a small change or a large change in demand. Inelastic demand is people aren't tolerant of price changes and a small increase means people buy a lot less. Elastic means they will accept the change in price, a large price increase may not drop amount bought much at all.
2006-12-26 09:20:43 · answer #1 · answered by JuanB 7 · 0⤊ 0⤋
Don't let the fancy words confuse you. Look up the definitions using Internet (dictionary.com, wikipedia, etc). Substitute your own words for the fancy words.. (I.e., substitute ice cream for equilibrium..) "Smart" people unfortunately sometimes confuse intelligence with vocabulary and laypersons who don't know better will buy into their charade (of looking smart just because you know a fancy word). In nutshell, don't worry about the fancy word, focus on the concept. Trust me it is trivial.. I mean ur ah easy...
2006-12-26 14:03:52 · answer #2 · answered by Anonymous · 0⤊ 0⤋
nothing in the facts that post-911 is economically feasible there are no ways to do what your asking til you know why they are replacing us with Mexico at the white desecration
2006-12-26 22:24:05 · answer #3 · answered by bev 5 · 0⤊ 0⤋
So you want me to do all your homework for you? Look on the internet and do it yourself
2006-12-26 13:59:55 · answer #4 · answered by Anonymous · 1⤊ 2⤋