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REAL: The value after adjusting for inflation. Pointy-headed economist are frequently interested in comparing stuff (production, income, or whatever) in one year with similar stuff in another year. However, in that inflation can distort such a comparison, it's best made using a fixed set of prices that eliminate inflationary changes. In practice, this is accomplished by using the prices in an arbitrary "base year." Once the price differences have been eliminated, the numbers are said to be measured in real dollars.

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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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    DISPOSABLE INCOME

    The total income that can be used by the household sector for either consumption expenditures or saving during a given period of time, usually one year. Disposable income (DI) is one of three measures of income reported in the National Income and Product Accounts maintained by the Bureau of Economic Analysis. The other two are national income (NI) and personal income (PI). Two related measures of production are gross domestic product (GDP) and net domestic product (NDP).

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    BROWN PRAGMATOX
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    Today, you are likely to spend a great deal of time driving to a factory outlet wanting to buy either a coffee cup commemorating yesterday or a replacement remote control for your television. Be on the lookout for infected paper cuts.
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    There were no banks in colonial America before the U.S. Revolutionary War. Anyone seeking a loan did so from another individual.
    "It is not because things are difficult that we do not dare; it is because we do not dare that they are difficult. "

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