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HOMOGENEOUS OF DEGREE N: A property of an equation the exists if independent variables are increased by a constant value, then the dependent variable is increased by the value raised to the power of n. The value of n can be greater than, less than, or equal to one. This property often surfaces in the analysis of production functions. If n = 1, then a doubling independent variables results in a doubling of the dependent variable and the production function has constant returns to scale. If n > 1, then a doubling independent variables results in more than a doubling of the dependent variable and the production function has increasing returns to scale. If n < 1, then a doubling independent variables results in less than a doubling of the dependent variable and the production function has decreasing returns to scale.

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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

    This lesson provides an introduction and overview of economics. You'll come across a number of basic concepts and terms. The full importance of these might not be apparent until later lessons, but they WILL be important. Like other lessons to come, this one is divided into five units.

    • The first unit, Economics, offers up a definition of economics and provides two useful lists -- the three questions of allocation and the seven rules of economics.
    • The second unit, Doing Economics, explores the practice of economics, including positive and normative economics, macroeconomics and microeconomics, and six common logical fallacies.
    • In the third unit, An Economy, we turn our attention to real world economies that contain a mix of markets and governments.
    • We then examine the five basic goals of a mixed economy in the fourth unit, Economic Goals, including 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, Economic Policies, considers assorted economic policies that governments use to achieve the five economic goals.

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    AGGREGATE DEMAND DECREASE, LONG-RUN AGGREGATE MARKET

    A shock to the long-run aggregate market caused by a decrease in aggregate demand resulting in and illustrated by a leftward shift of the aggregate demand curve. A decrease in aggregate demand in the long-run aggregate market results in an increase in the price level but no change in real production. The level of real production resulting from the aggregate demand shock is full-employment real production.

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    APLS

    BLUE PLACIDOLA
    [What's This?]

    Today, you are likely to spend a great deal of time calling an endless list of 800 numbers wanting to buy either a set of tires or a birthday gift for your grandfather. Be on the lookout for malfunctioning pocket calculators.
    Your Complete Scope

    This isn't me! What am I?

    A scripophilist is one who collects rare stock and bond certificates, usually from extinct companies.
    "A pint of sweat saves a gallon of blood. "

    -- General George Patton

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