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July 18, 2018 

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SCARCE GOOD: A resource with an available quantity less than its desired use. Scarce resources are also called factors of production. Scarce goods are also termed economic goods. Scarce resources are used to produce scarce goods. Like the more general society-wide condition of scarcity, a given resource is scarce because it has a limited availability in combination with a greater (potentially unlimited) productive use. It's both of these that make it scarce. In other words, even though an item is quite limited it will not be a scarce resource if it has few if any uses (think pocket lint and free good).

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Lesson Contents
Unit 1: Getting Started
  • Overview
  • Assumptions
  • Limitations
  • Unit 1 Summary
  • Unit 2: The Schedule
  • Set Up
  • Opportunity Cost
  • Changing Cost
  • Unit 2 Summary
  • Unit 3: The Curve
  • Plot
  • Connecting Points
  • Slope and Cost
  • Shape
  • Unit 3 Summary
  • Unit 4: Analysis
  • Full Employment
  • Unemployment
  • Growth
  • Resource Quantity and Quality
  • Unit 4 Summary
  • Unit 5: Investment
  • Overview
  • Bundle Choices: A
  • Bundle Choices: E
  • Bundle Choices: I
  • Scarcity
  • Unit 5 Summary
  • Course Home
    Production Possibilities

    In this lesson we'll take a trip through production possibilities. Production possibilities is a handy little analysis that lets us consider what the economy is capable of doing, production-wise. We'll see have a production possibilities curve, the cornerstone of this analysis, is derived and how it can be used to understand several important concepts, including opportunity cost, unemployment, investment, and economic growth.

    • The first unit begins this lesson by laying the foundations for production possibilities analysis, especially assumptions and limitations.
    • We turn out attention in the second unit to the production possibilities schedule, a simple table that gives us a first shot on this analysis.
    • The production possibilities curve is then derived from the production possibilities schedule in the third unit, with particular emphasis on the importance of opportunity cost
    • In the fourth unit, we make use of the production possibilities analysis for an understanding of three important concepts: full employment, unemployment, and economic growth.
    • And lastly, the fifth unit uses production possibilities to analyze investment in capital goods as a means of achieving economic growth.

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    ACCOUNTING PROFIT

    The difference between the revenue received by a firm and the explicit accounting cost incurred. This is the profit listed on a firm's balance sheet, appears periodically in the financial sector of the newspaper, and is reported to the Internal Revenue Service for tax purposes. While accounting profit is the "standard" designation of profit used in the business world, economists prefer to use economic profit

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