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SEVERANCE TAX: A tax on the value of raw materials, such as minerals and fossil fuels, when they are extracted from the environment. This is one of those hidden, unpublicized taxes on producers that is ultimately passed along consumers.

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Lesson Contents
Unit 1: The Concept
  • A Definition
  • So What?
  • Unit 1 Summary
  • Unit 2: Resources
  • Factors
  • Working Together
  • Free or Scarce?
  • Comparisons
  • Unit 2 Summary
  • Unit 3: Opportunity Cost
  • The Concept
  • Economic Cost
  • Unit 3 Summary
  • Unit 4: College Cost
  • Out of Pocket
  • What Else?
  • Unit 4 Summary
  • Unit 5: THE Problem
  • No Free Lunch
  • Solutions?
  • Unit 5 Summary
  • Course Home
    Scarcity

    In this lesson you'll see why scarcity tends to make economists grumpy. You'll see that scarcity is a perpetual condition that exists because people have unlimited wants and needs, but limited resources. You'll also see how this scarcity problem underlies the common notion of cost, which is integral to the study of economics. The five units contained in this lesson provide a tour through the economic problem of scarcity.

    • The first unit, A Big Problem, examines the fundamental concept of scarcity -- the combination of limited resources and unlimited wants and needs -- that is virtually synonymous with the study of economics.
    • The second unit, Resources, discusses the four basic categories of limited resources -- labor, capital, land, and entrepreneurship -- which produce the goods that are used to satisfy unlimited wants and needs.
    • In the third unit, Opportunity Cost, we take a look at the notion of opportunity cost and see how it is related to the scarcity problem.
    • We then turn out attention in the fourth unit, College Cost, to a simple example of the explicit and implicit costs of attending college.
    • The fifth and final unit, THE Big Problem, in this lesson then ponders why scarcity is considered THE economic problem and provides a little insight into why economists are grumpy.

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    AVERAGE REVENUE PRODUCT

    Total revenue generated per unit of a variable input, keeping all other inputs unchanged. Average revenue product, usually abbreviated ARP, is found by dividing total revenue by the variable input or by multiplying average physical product by average revenue. Average revenue product is a part of marginal productivity theory used to analyze the demand for productive inputs.

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    APLS

    GREEN LOGIGUIN
    [What's This?]

    Today, you are likely to spend a great deal of time calling an endless list of 800 numbers seeking to buy either a half-dozen helium filled balloons or a packet of address labels large enough for addresses of both the sender and the recipient. Be on the lookout for slow moving vehicles with darkened windows.
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    This isn't me! What am I?

    Okun's Law posits that the unemployment rate increases by 1% for every 2% gap between real GDP and full-employment real GDP.
    "Time is the scarcest resource, and unless it is managed nothing else can be managed."

    -- Peter F. Drucker

    APEC
    Asia-Pacific Economic Co-operation
    A PEDestrian's Guide
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