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April 22, 2018 

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REAL INTEREST RATE: The market, or nominal interest rate, after adjusting for inflation. This is the interest rate lenders receive and borrowers pay expressed in real dollars. There two ways to think about the real interest rate, (1) the historical, after-the-fact, interest rate and (2) the desired interest rate lenders and borrowers have in mind when entering into a loan. The first one tells us the purchasing power of any interest payments received or paid. The second way of looking at the real interest rate is based on expectations of the future.

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Lesson Contents
Unit 1: Introduction
  • A Definition
  • Doing Production
  • Entrepreneurship
  • Capital
  • The Industry
  • Unit 1 Summary
  • Unit 2: Objectives
  • Staying Alive
  • Profit And Maximization
  • Real World Firms
  • Natural Selection
  • Unit 2 Summary
  • Unit 3: Legal Types
  • Types
  • Proprietorship
  • Partnership
  • Corporation
  • Other Options
  • Liability
  • Unit 3 Summary
  • Unit 4: U.S. Firms
  • Legal Types
  • By Industry
  • Unit 4 Summary
  • Unit 5: The Bigger Picture
  • Market Structures
  • Business Sector
  • Unit 5 Summary
  • Course Home
    The Firm

    This lesson investigates the nature of firms, especially those in the U.S. economy, including what they are, what they do, and how they operate. Paying careful attention to this lesson is no guaranteed that Duncan will end up with a multi-billion dollar "dot-com" business, but it won't hurt.

    • The first unit of this lesson, Organizing Production, gets us started with an overview of what firms are and their primary function in the economy -- which is production.
    • In the second unit, Objectives, we take a closer look at what motivates firms, especially the pursuit of profit.
    • The third unit, Legal Types, examines the most common legal forms of business firms, including proprietorships, partnerships, and corporations.
    • The fourth unit, U.S. Firms, investigates firms in the United States by the numbers -- including how many, what they are, what they produce.
    • The fifth and final unit, The Bigger Picture, then closes this lesson by discussing the role firms play in the grand economic scheme of things.

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    LAW OF COMPARATIVE ADVANTAGE

    A principle that states that every nation, worker, or production entity has a production activity that incurs a lower opportunity cost than that of another nation, worker, or production entity, which means that trade between the two can be beneficial to both if each specializes in the production of a good with lower relative opportunity cost. This law is most often studied in the confines of international trade, but it also applies to labor and other types of production.

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    APLS

    BLUE PLACIDOLA
    [What's This?]

    Today, you are likely to spend a great deal of time browsing through a long list of dot com websites seeking to buy either a really, really exciting, action-filled video game or a coffee cup commemorating the moon landing. Be on the lookout for slow moving vehicles with darkened windows.
    Your Complete Scope

    This isn't me! What am I?

    Lombard Street is London's equivalent of New York's Wall Street.
    "The vacuum created by failure to communicate will quickly be filled with rumor, misrepresentations, drivel and poison. "

    -- C. Northcote Parkinson, historian

    MPS
    Marginal Propensity to Save
    A PEDestrian's Guide
    Xtra Credit
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