In neoclassical economics, with regard to labor it is defined as total labor employed divided by total output times the derivative of total output with respect to labor, and in general, it is defined in terms of logarithmic derivatives.
This concept is at the center of the Singer-Prebisch hypothesis, which argues that trade benefits accrue disproportionately to industrialized nations because this measure is greater for manufactured goods than for necessities like food. In neoclassical economics, with regard to labor it is defined as total labor employed divided by total output times the derivative of total output with respect to labor, and in general, it is defined in terms of logarithmic derivatives. Affected by such phenomena as the income effect and the substitution effect, for ten points, identify this economic term which refers to the degree to which a change in price results in a change of supply or demand.
This concept is at the center of the Singer-Prebisch hypothesis, which argues that trade benefits accrue disproportionately to industrialized nations because this measure is greater for manufactured goods than for necessities like food.
{elasticity}