Identify and Briefly Describe the Three Elements That Are Traditionally

question 46

Essay

Identify and briefly describe the three elements that are traditionally used to measure the ultimate success of a project.

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Definitions:

Elastic

Describes a situation in which the demand or supply for a good or service changes significantly when its price changes.

Inelastic

A situation in which the demand or supply for a product does not change significantly in response to price changes.

Fixed Productive Capacity

The maximum output that an economy can produce without increasing inflation, assuming resources are fully utilized.

Chocolate

A sweet, typically brown food preparation of roasted and ground cacao seeds.