If the quantity demanded of a certain good responds only slightly to a change in the price of the good, it means that the demand is inelastic, which means that changes in prices would almost not modify quantity demanded by consumers. Consumers are little affected by changes in prices.
This usually happends when there are no substitutes for the good. If the good has many substitutes, and the price goes up, consumers have the opportunity to swich their consumption to an alternative good.
A common example of inelastic demand can be insuline for diabetes patients (or another needed medicine with no substitutes): no matter what happens with the price of the product, usually consumers are willing to consume the same quantities although prices are higher because they really need the product.
The economic system that is used in the United States of America in which most of the businesses are owned by the people instead of the government is a mixed economy.
The keyword in this statement is "most" because not all businesses in the United States are owned by the people, some are government owned; the mixture of this ownership in an economy is what defines that economy as a "mixed economy."
<span>The organization that requires a 90-day supply of oil is the International Energy Agency (IEA). Each country in the organization must stock an amount of petroleum equivalent to this amount because of the organization's obligations.</span>
A partner ship account records the transactions related to partnership. All transaction of withdrawal, Profit allocation etc. are recorded to determine the closing balance of each partner.
Ending Capital Balance = Beginning Capital balance + Income allocation for the year - withdrawals
Jordon's Ending Capital Balance = $40,000 + ( $40,000 x 0.5 ) - $14,000
Jordon's Ending Capital Balance = $40,000 + $20,000 - $14,000
