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ACCESSIBILITY: The location of economic activity (especially in terms of land) relative to other activities. As real estate agents are prone to say, "The three most important factors in real estate are 'location, location, location.'" Accessibility determines how easy or difficult (read this as costly) it is to allocate good, services, and resources. Transportation is a key factor in accessibility. Efficient, low cost transportation systems improve accessibility.
Visit the GLOSS*arama
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Lesson Contents
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Unit 1: The Concept |
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Unit 2: Resources |
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Unit 3: Opportunity Cost |
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Unit 4: College Cost |
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Unit 5: THE Problem | |
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Scarcity
In this lesson you'll see why scarcity tends to make economists grumpy. You'll see that scarcity is a perpetual condition that exists because people have unlimited wants and needs, but limited resources used to satisfy these wants and needs. You'll also see how this scarcity problem underlies the common notion of cost, which is integral to the study of economics. The five units contained in this lesson provide a tour through the economic problem of scarcity. - The first unit examines the fundamental concept of scarcity -- the combination of limited resources and unlimited wants and needs -- that is virtually synonymous with the study of economics.
- The second unit discusses the four basic categories of limited resources --labor, capital, land, and entrepreneurship -- that produce the goods that are used to satisfy unlimited wants and needs.
- In the third unit, we take a look at the notion of opportunity cost and see how it is related to the scarcity problem.
- We then turn out attention in the fourth unit to a simple example of the explicit and implicit costs of attending college.
- The fifth and final unit in this lesson then ponders why scarcity is considered THE economic problem and providing a little insight into why economists are grump.
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FULL EMPLOYMENT, LONG-RUN AGGREGATE SUPPLY The condition that exists when all resources are engaged in production. In practice, however, this condition is virtually impossible to achieve. An economy ALWAYS has some unemployed resources, particularly frictional and structural unemployment. The key characteristic of long-run aggregate supply is that full-employment production is maintained at ALL price levels. In the long run, when all prices and wages are flexible, all markets (financial, product, and especially resource) are in equilibrium, and the level of real production fully employs all available resources.
Complete Entry | Visit the WEB*pedia |
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GREEN LOGIGUIN
[What's This?]
Today, you are likely to spend a great deal of time at a dollar discount store hoping to buy either a replacement battery for your pocket calculator or a how-to book on home remodeling. Be on the lookout for strangers with large satchels of used undergarments.
Your Complete Scope
This isn't me! What am I?
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A half gallon milk jug holds about $50 in pennies.
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"The greatest things ever done on Earth have been done little by little. " -- William Jennings Bryan
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D-J
Dow Jones
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