wants. economies of scale: decrease in the unit cost of a
product or service because of large-scale production.
economize: the effort to get the most out of one's
resources.
elastic currency: supply of money expands and contracts
with the needs of business.
elastic demand: condition that exists when a small
increase in a good's price causes a major decrease in the
quantity demanded.
elasticity of demand: measure of buyers' eagerness to
acquire a good or service.
elasticity of supply: measure of how easily sellers
can increase or decrease the quantity supplied.
eminent domain: the right of governments to take
private property, at a fair price, for public purposes.
employee involvement (£1) programs: allow
workers to assume responsibilities normally held by
management.
Engel's Law: as a family's income increases, the
percentage spent for necessities decreases, while the
percentage spent for luxuries increases.
