Examlex
Instructions: Please define the following key terms.Show Who? What? Where? When? Why Important?
-Hundred Year's War
Elastic
Describes a situation in which the demand or supply for a product changes significantly when its price changes.
Barriers
Obstacles that prevent or hinder entry into a market or the pursuit of certain activities, which can be economic, legal, technical, or natural in nature.
Allocative Efficiency
A state of the economy in which production represents consumer preferences; every good or service is produced up to the point where the last unit provides a benefit to consumers equal to the cost of producing it.
Productive Efficiency
A state where goods and services are produced at the lowest possible cost and resources are utilized in the most efficient way.
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