An electronic oscillator is an electronic circuit that produces a periodic, oscillating electronic signal, often a sine wave or a square wave.
Elasticity of supply measures how the amount of a good changes when the producer hires more employees. Elasticity of supply measures how the amount of a good changes when the producer uses new materials. Elasticity of demand measures how the amount of a good changes when its price goes up or down. Elasticity of demand measures how the amount of a good changes when its distribution expands.
If the numbers are less than one, we say that demand or supply is inelastic. If elasticity equals one, we say that demand or supply is unit elastic. In this example, demand is elastic and supply is inelastic. The essential idea is that elasticity measures how sensitive we are to changes in price.