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January 17, 2018 

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RETURNS TO SCALE: Changes in production the occurs when all resources are proportionately increased in the long run. Returns to scale answers the question: If labor, capital, and ALL other inputs increase by 10%, does output increase by more than 10%, less than 10%, or exactly 10%? These answers indicate that returns to scale can take one of three forms: increasing returns to scale, decreasing returns to scale, and constant returns to scale.

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Lesson Contents
Unit 1: Economics
  • Definition
  • More...
  • Unit 1 Summary
  • Unit 2: Doing Economics
  • Science and Policy
  • The Fields
  • Unit 2 Summary
  • Unit 3: The Economy
  • An Economy
  • A Mixed Economy: Markets and Government
  • A Mixed Economy: The Mix
  • Unit 3 Summary
  • Unit 4: Economic Goals
  • Economic Goals
  • Tradeoffs
  • Unit 4 Summary
  • Unit 5: Economic Policies
  • The Concept
  • Reasons
  • Problems
  • Unit 5 Summary
  • Course Home
    Economic Basics

    This lesson provides an introduction and overview of economics. You'll come across a number of basic concepts and terms. The full importance of these might not be apparent until later lessons, but they WILL be important. Like other lessons to come, this one is divided into five units.

    • The first unit, Economics, offers up a definition of economics and provides two useful lists -- the three questions of allocation and the seven rules of economics.
    • The second unit, Doing Economics, explores the practice of economics, including positive and normative economics, macroeconomics and microeconomics, and six common logical fallacies.
    • In the third unit, An Economy, we turn our attention to real world economies that contain a mix of markets and governments.
    • We then examine the five basic goals of a mixed economy in the fourth unit, Economic Goals, including the three macro goals of full employment, stability, and growth; and the two micro goals of efficiency and equity.
    • The fifth and final unit in this lesson, Economic Policies, considers assorted economic policies that governments use to achieve the five economic goals.

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    LONG RUN, MICROECONOMICS

    In terms of the microeconomic analysis of production and supply, a period of time in which all inputs under the control of a firm used in the production process are variable. In the long run, labor and capital are variable inputs. The long-run analysis of production reveals the key role played by returns to scale. This is one of four production time periods used in the study of microeconomics. The other three are short run, very long run, and very short run (or market period). The long run is also a time period designation used in the macroeconomic analysis of economic growth and full employment.

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    APLS

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    Paper money used by the Commonwealth of Massachusetts prior to the U.S. Revolutionary War, which was issued against the dictates of Britain, was designed by patriot and silversmith, Paul Revere.
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