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PER UNIT TAX: A tax that is specified as a fixed amount for each unit of a good sold. Federal excise taxes on gasoline and cigarettes fall into this per unit tax category.

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Lesson 1: Economic Basics | Unit 1: Economics Page: 1 of 18

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Economics:

A social science that studies the allocation of scarce resources used to produce goods and services that satisfy consumers' unlimited wants and needs.

Key points in the study of economics:

  • Social Science: Economics uses the scientific method to explain and study our society.
  • Allocation: Economics studies allocation decisions about distributing resources, goods and services.
  • Scarce Resources: The economy's resources are limited relative to their use.
  • Production: We transform available resources into goods and services. That's production.
  • Consumption: The goods and services produced are used to satisfy wants and needs. That's consumption.

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MARGINAL FACTOR COST CURVE, PERFECT COMPETITION

A curve that graphically represents the relation between marginal factor cost incurred by a perfectly competitive firm for hiring an input and the quantity of input employed. A profit-maximizing perfectly competitive firm hires the quantity of input found at the intersection of the marginal factor cost curve and marginal revenue product curve. The marginal factor cost curve for a perfectly competitive firm with no market control is horizontal.

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PURPLE SMARPHIN
[What's This?]

Today, you are likely to spend a great deal of time at a crowded estate auction hoping to buy either a T-shirt commemorating yesterday or a pair of handcrafted oven mitts. Be on the lookout for fairy dust that tastes like salt.
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This isn't me! What am I?

John Maynard Keynes was born the same year Karl Marx died.
"Concentrate all your thoughts upon the work at hand. The sun's rays do not burn until brought to a focus."

-- Alexander Graham Bell, inventor

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