Eagle Scout On his twelfth birthday, Ford joined the local Boy Scout Troop 15 of Trinity Methodist Church and two years later attained the rank of Eagle Scout. Gridiron Glory Ford attends the University of Michigan and graduates with a B.A. in Economics. Ford also plays center on the football team and receives professional football contract offers from the Green Bay Packers and the Detroit Lions, which he declines.
inelastic - not elastic; economists speak of an inelastic price structure. inflexible - resistant to being bent; an inflexible iron bar; an inflexible knife blade; elastic - capable of resuming original shape after stretching or compression; springy; an elastic band; a youthful and elastic walk.
Although written for the American audience, it applies to any nation that must import a substantial portion of its oil or natural gas. Elasticity. A quick lesson in economics. Elasticity. The production, or consumption, of a specific product is often referred to as being elastic â or â inelastic. If production is elastic, we assume that if the price of a product goes up, or if a shortage of the product develops, then competitors are able to add new capacity to increase the availability of that product.