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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: 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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    INCOME CHANGE, UTILITY ANALYSIS

    A disruption of consumer equilibrium identified with utility analysis caused by changes in the buyers' income, which results in a change in the quantities of the goods consumed. The change in buyers' income alters the income constraint and forces a reevaluation of the rule of consumer equilibrium.

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    APLS

    PINK FADFLY
    [What's This?]

    Today, you are likely to spend a great deal of time searching for a specialty store trying to buy either a coffee cup commemorating Thor Heyerdahl's Pacific crossing aboard the Kon-Tiki or a rechargeable battery for your cell phone. Be on the lookout for crowded shopping malls.
    Your Complete Scope

    This isn't me! What am I?

    Only 1% of the U.S. population paid income taxes when the income tax was established in 1914.
    "The only thing that will stop you from fulfilling your dreams is you. "

    -- Tom Bradley, former Los Angeles mayor

    AR
    Average Revenue, Autoregressive
    A PEDestrian's Guide
    Xtra Credit
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