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WPI: The abbreviation for Wholesale Price Index, which is an index of the prices paid by retail stores for the products they would ultimately resell to consumers. The Wholesale Price Index, abbreviated WPI, was the forerunner of the modern Producer Price Index (PPI). The WPI was first published in 1902, and was one of the more important economic indicators available to policy makers until it was replaced by the PPI in 1978. The change to Producer Price Index in 1978 reflected, as much as a name change, a change in focus of this index away from the limited wholesaler-to-retailer transaction to encompass all stages of production. While the WPI is no longer available, the family of producer price indexes provides a close counterpart in the Finished Goods Price Index.

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Lesson Contents
Unit 1: Economics
  • Definition
  • More...
  • Unit 1 Summary
  • Unit 2: Doing Economics
  • Science and Policy
  • The Fields
  • Unit 2 Summary
  • Unit 3: The Economy
  • An Economy
  • A Mixed Economy: Markets and Government
  • A Mixed Economy: The Mix
  • Unit 3 Summary
  • Unit 4: Economic Goals
  • Economic Goals
  • Tradeoffs
  • Unit 4 Summary
  • Unit 5: Economic Policies
  • The Concept
  • Reasons
  • Problems
  • Unit 5 Summary
  • Course Home
    Economic Basics

    Being the very first lesson in this course, this provides an introduction and overview of economics. You'll come across a lot of basic concepts and terms. The full importance of these may not become apparent until later lessons, but they will be important. The five units making up this lesson set the stage for the further study of economics.

    • The first unit offers up a basic definition and provides two useful lists -- the three questions of allocation and the seven rules of economics.
    • The second unit then explores the practice of economics, including positive and normative economics, macroeconomics and microeconomics, and six common logical fallacies.
    • In the third unit, we turn our attention to the economy, especially how real world economies contain a mix of markets and governments.
    • We then examine the five basic goals of a mixed economy in the fourth unit, include the three macro goals of full employment, stability, and growth; and the two micro goals of efficiency and equity.
    • The fifth and final unit in this lesson considers assorted economic policies that governments use to achieve the five economic goals.

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    MARGINAL COST AND MARGINAL PRODUCT

    The U-shape of the marginal cost curve is closely related to the hump-shape of the marginal product curve. The increasing portion of the marginal product curve corresponds with the decreasing portion of the marginal cost curve. The decreasing portion of the marginal product curve corresponds with the increasing portion of the marginal cost curve. The peak of the marginal product curve corresponds with the minimum of the marginal cost curve.

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    APLS

    ORANGE REBELOON
    [What's This?]

    Today, you are likely to spend a great deal of time wandering around the shopping mall wanting to buy either a rotisserie oven that can also toast bread or a flower arrangement in a coffee cup for your father. Be on the lookout for malfunctioning pocket calculators.
    Your Complete Scope

    This isn't me! What am I?

    One of the largest markets for gold in the United States is the manufacturing of class rings.
    "Try not to become a man of success, but rather try to become a man of value. "

    -- Albert Einstein

    JIE
    Journal of Industrial Economics
    A PEDestrian's Guide
    Xtra Credit
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