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INNOVATION: The introduction and dissemination of a new idea, product, or technological process throughout society and the economy. The innovation process should be contrasted with the act of invention, which is the creation of something new, but not the dissemination. Innovations are often though of as applying to physical products and technology. However, it applies to all aspects of society and the economy--physical, tangible, ideological, cultural, and social. Innovation often leads to the widespread use of new products (such as computers and DVD players), but it also creates new cultural, social, and economic institutions (such as government agencies, forms of business organizations, and social trends). Innovations are consider to be a primary source of economic growth.

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Lesson Contents
Unit 1: Short-Run Production
  • Making Stuff
  • Two Inputs: Fixed and Variable
  • Two Runs: Short and Long
  • Two More Runs
  • Unit 1 Summary
  • Unit 2: Production Measures
  • Total Product
  • Average Product
  • Marginal Product
  • THE Law
  • Unit 2 Summary
  • Unit 3: Product Curves
  • Total Product Curve
  • Average Product Curve
  • Marginal Product Curve
  • THE Law Again
  • Production Stages
  • Unit 3 Summary
  • Unit 4: Long-Run Production
  • Making Plans
  • Returns To Scale
  • Increasing Returns To Scale
  • Decreasing Returns To Scale
  • Constant Returns To Scale
  • Unit 4 Summary
  • Unit 5: Supply
  • A Review
  • A Preview
  • Unit 5 Summary
  • Course Home
    Production

    • The first unit of this lesson, Short-Run Production, begins our study by introducing a few basic concepts underlying production, especially short run, long run, fixed input, and variable input.
    • In the second unit, Production Measures, we take a look the three standard measures of production -- total product, average product, and marginal product.
    • The third unit, Product Curves, then presents graphical relations for these three measures -- total product curve, average product curve, and marginal product curve.
    • In the fourth unit, Long-Run Production, we examine the role returns to scale play in long-run production.
    • The fifth and final unit, Supply, then closes this lesson by previewing the importance of production to the supply decisions by firms.s

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    CHANGE IN AGGREGATE EXPENDITURES

    The movement along an aggregate demand curve caused by a change in the price level. A change in aggregate expenditures is ONLY caused by a change in the price level. This is one of two changes related to aggregate demand. The other is a change in aggregate demand. A change in aggregate expenditures is comparable to a change in quantity demanded.

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    Today, you are likely to spend a great deal of time waiting for visits from door-to-door solicitors hoping to buy either a pair of leather sandals that won't cause blisters or clothing for your kitty cats. Be on the lookout for door-to-door salesmen.
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