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BALANCE OF TRADE DEFICIT: An imbalance in a nation's balance of trade in which the payments for merchandise imports made by the country exceed payments for merchandise exports received by the country. This is also termed an unfavorable balance of trade. It's considered unfavorable because more goods are imported into the country than are exported out, meaning that domestic production is replaced with foriegn production, which then reduces domestic employment and income. A balance of trade deficit is often the source of a balance of payments deficit.
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Lesson Contents
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Unit 1: Getting Started |
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Unit 2: The Schedule |
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Unit 3: The Curve |
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Unit 4: Analysis |
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Unit 5: Investment | |
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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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AVERAGE COST The opportunity cost incurred per unit of good produced. This is calculated by dividing the cost of production by the quantity of output produced. While average cost is a general term relating cost and the quantity of output, three specific average cost terms are average total cost, average variable cost, and average fixed cost. A related cost term is marginal cost.
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BEIGE MUNDORTLE
[What's This?]
Today, you are likely to spend a great deal of time looking for the new strip mall out on the highway hoping to buy either a dozen high trajectory optic orange golf balls or a large red and white striped beach towel. Be on the lookout for strangers with large satchels of used undergarments.
Your Complete Scope
This isn't me! What am I?
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In the late 1800s and early 1900s, almost 2 million children were employed as factory workers.
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"It's usually the last ounce of effort that tips the scales of success." -- Rick Beneteau
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RPI
Retail Price Index
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