Examlex
__________processes denotes activities that enable a firm to meet customer requests while maximizing its profitability.
Resource Demand
The total amount of resources (such as labor, capital, and materials) that producers require to produce goods and services at various price levels.
Elastic Demand
Product or resource demand whose price elasticity of demand is greater than 1, so that any given percentage change in price leads to a larger percentage change in quantity demanded. As a result, quantity demanded is relatively sensitive to (elastic with respect to) price.
Output Effect
The change in total output resulting from adjusting the production of one good in response to price changes, while holding utility constant.
Fixed Proportions
A production process where inputs are used in strict, unchangeable ratios.
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