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PRICE FIXING: An agreement by two or more firms in an industry to charge the same price and avoid competing with each other. This is one of the methods businesses use to practice collusion or form a cartel. It is, by the way, against antitrust law.

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Lesson Contents
Unit 1: Getting Started
  • Overview
  • Assumptions
  • Limitations
  • Unit 1 Summary
  • Unit 2: The Schedule
  • Set Up
  • Opportunity Cost
  • Changing Cost
  • Unit 2 Summary
  • Unit 3: The Curve
  • Plot
  • Connecting Points
  • Slope and Cost
  • Shape
  • Unit 3 Summary
  • Unit 4: Analysis
  • Full Employment
  • Unemployment
  • Growth
  • Resource Quantity and Quality
  • Unit 4 Summary
  • Unit 5: Investment
  • Overview
  • Bundle Choices: A
  • Bundle Choices: E
  • Bundle Choices: I
  • Scarcity
  • Unit 5 Summary
  • Course Home
    Production Possibilities

    In this lesson we'll take a trip through production possibilities. Production possibilities is a handy little analysis that lets us consider what the economy is capable of doing, production-wise. We'll see have a production possibilities curve, the cornerstone of this analysis, is derived and how it can be used to understand several important concepts, including opportunity cost, unemployment, investment, and economic growth.

    • The first unit begins this lesson by laying the foundations for production possibilities analysis, especially assumptions and limitations.
    • We turn out attention in the second unit to the production possibilities schedule, a simple table that gives us a first shot on this analysis.
    • The production possibilities curve is then derived from the production possibilities schedule in the third unit, with particular emphasis on the importance of opportunity cost
    • In the fourth unit, we make use of the production possibilities analysis for an understanding of three important concepts: full employment, unemployment, and economic growth.
    • And lastly, the fifth unit uses production possibilities to analyze investment in capital goods as a means of achieving economic growth.

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    UNEMPLOYMENT RATE

    The proportion of the civilian labor force 16 years or older that is actively seeking employment, but is unemployed and not engaged in the production of goods and services. The unemployment rate is estimated and reported monthly by the Bureau of Labor Statistics of the U.S. Department of Labor. It is used not only as the prime measure of labor unemployment in the economy, but also as a key indicator of business-cycle instability. In principle, the unemployment rate measures the proportion of the labor that is willing and able to work, but not employed. In practice, the official unemployment rate is simply the ratio of total unemployment to the total civilian labor force, in percentage terms.

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    APLS

    BLACK DISMALAPOD
    [What's This?]

    Today, you are likely to spend a great deal of time driving to a factory outlet seeking to buy either an AC adapter that won't fry your computer or a case for your designer sunglasses. Be on the lookout for the happiest person in the room.
    Your Complete Scope

    This isn't me! What am I?

    The penny is the only coin minted by the U.S. government in which the "face" on the head looks to the right. All others face left.
    "Well done is better than well said. "

    -- Benjamin Franklin, statesman, inventor

    LOCH
    London Options Clearing House
    A PEDestrian's Guide
    Xtra Credit
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