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LOCAL INPUT: An input that has a relatively small geographic market area due to the high cost of transportation. The high transportation cost means it is easier (that is, less expensive) to locate the production activity near the input rather than trying to bring the input to the production activity. Like many things, local inputs are a matter of degree. At the other end of the spectrum lies transferrable inputs. Natural resources of the land, such as soil fertility, weather conditions, mineral deposits, tend to have the greatest local orientation. Labor and many urban public utilities, such as water distribution and sewage disposable, also tend to fall into the local category.
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Lesson Contents
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Unit 1: The Macroeconomy |
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Unit 2: Macro Problems |
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Unit 3: Business Cycles |
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Unit 4: Policies |
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Unit 5: Issues | |
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Macro Basics
In lesson, we move into the formal study of macroeconomics, laying the groundwork for lessons to come. In particular, this lesson introduces several important macroeconomics concepts and notions. Among the list of more important notions are the role an economy plays in the study of macroeconomics, the two key macroeconomic problems of inflation and unemployment, how these problems are related business-cycle instability, and economic stabilization policies designed to correct these problems. - The first unit of this lesson lays the foundation of for the study of macroeconomics, introducing the nature of an economy and providing a little information about the U.S. economy.
- In the second unit, we examine some of the more notable macroeconomics problems, especially production, unemployment, and inflation.
- We then take a look at the importance of business cycles in the macroeconomy, including recent trends in business cycle activity and a few potential business cycle causes.
- The fourth unit then examines the role that economic policies play in the macroeconomy.
- The firth unit wraps up this lesson with a few thoughts about the connection between political philosophies, economic policies, and economic theories.
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SELF CORRECTION, MARKET The automatic process in which markets adjust from disequilibrium to equilibrium. With this self-correction process, the market price either increases or decreases in response to a shortage or a surplus to restore the balance between quantity demanded and quantity supplied. This process works automatically to achieve equilibrium without the need for outside intervention, such as government regulation.
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BROWN PRAGMATOX
[What's This?]
Today, you are likely to spend a great deal of time at a dollar discount store wanting to buy either a T-shirt commemorating the 2000 Olympics or a genuine fake plastic Tiffany lamp. Be on the lookout for strangers with large satchels of used undergarments.
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This isn't me! What am I?
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Helping spur the U.S. industrial revolution, Thomas Edison patented nearly 1300 inventions, 300 of which came out of his Menlo Park "invention factory" during a four-year period.
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"If we all did the things we are capable of doing, we would literally astound ourselves." -- Thomas Edison
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VAT
Value Added Tax
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