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ALTERNATIVE UNEMPLOYMENT RATES: The official unemployment rate estimated and reported monthly by the Bureau of Labor Statistics (BLS) using data from Current Population Survey is one of six alternative measures of unemployment tracked by the BLS, officially labeled U1-U6. The "official" unemployment rate is U3. The other five measures seek to document different ways in which labor can be underutilized, including unemployment duration, job losers, discouraged workers, marginally-attached workers, and part-time workers.

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Lesson Contents
Unit 1: The Basics
  • Opportunity Cost
  • Cost Times Two
  • Profit Times Three
  • Unit 1 Summary
  • Unit 2: Three Totals
  • Fixed And Variable
  • A Table Of Totals
  • Total Curves
  • TP And TVC
  • Unit 2 Summary
  • Unit 3: Four More Measures
  • Three Averages
  • A Table Of Averages
  • Average Curves
  • One Marginal
  • A Marginal Table
  • The Marginal Curve
  • Unit 3 Summary
  • Unit 4: Long-Run Cost
  • Doing The Long Run
  • A Choice Of Plants
  • Planning Curve
  • Scale Economies
  • Unit 4 Summary
  • Unit 5: Previewing Supply
  • Production Stages
  • Marginal Cost
  • Unit 5 Summary
  • Course Home
    Cost

    • The first unit of this lesson, The Basics, begins this our study with a review of the opportunity cost notion and how it relates to business activity.
    • In the second unit, Three Totals, we take a look at the three total cost measures, including total cost, total variable cost, and total fixed cost.
    • The third unit, Four More Measures, then presents four additional cost measures -- average total cost, average variable cost, average fixed cost, and marginal cost.
    • In the fourth unit, Long-Run Cost, we examine how scale economies and diseconomies affect cost in the long run.
    • The fifth and final unit, Previewing Supply, then closes this lesson by previewing the importance of cost, especially marginal cost, to the supply decision by a firm.

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    HOUSEHOLD SECTOR

    The aggregate macroeconomic sector that includes the entire wants and-needs-satisfying population of the economy. The primary economic role of the household sector is consumption. The share of gross domestic product purchased by the household sector is termed consumption expenditures. This is one of four macroeconomic sectors. The other three are business sector, government sector, and foreign sector.

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    APLS

    BROWN PRAGMATOX
    [What's This?]

    Today, you are likely to spend a great deal of time looking for the new strip mall out on the highway wanting to buy either galvanized steel storage shelves or a large green chalkboard shaped like the state of Maine. Be on the lookout for door-to-door salesmen.
    Your Complete Scope

    This isn't me! What am I?

    The 1909 Lincoln penny was the first U.S. coin with the likeness of a U.S. President.
    "It is not fair to ask of others what you are unwilling to do yourself. "

    -- Eleanor Roosevelt, diplomat, activist

    AS
    Aggregate Supply
    A PEDestrian's Guide
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