Factor substitution elasticity. It describes the flexibility of a production technology to allow changes in the quantity ratios of factors used in the production of a given level of output as relative factor prices change. For example, the parameter describes the ease with which producers in an indurstry can hire more labor and use less capital when the wage falls relative to the price of machinery and equipment.

这段话大家帮忙给翻一下，因为不懂经济学，所以看不大懂，谢谢大家啦。