Examlex
The major difference between businesses and nonprofit organizations is that only businesses can increase the standard of living, while only nonprofit organizations can improve the quality of life.
Above Average Profits
Earnings that surpass the norm or average level within a particular industry or market.
Perfectly Elastic Demand
A market situation where demand for a product can drastically change to infinity with the slightest change in its price.
Inelastic Demand
A situation where the demand for a product does not change significantly with a change in price.
More Elastic Demand
A situation where the demand for a product is more sensitive to changes in price, meaning quantities demanded change significantly even with small price fluctuations.
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