|
|
INDUCED: The general notion that changes in one variable are related to, or caused by, changes in another variable. Induced relations, especially changes in consumption expenditures are induced by changes in disposable income, are a key aspect of Keynesian economics and the multiplier effect. The alternative to an induced relation between variables is an autonomous relation, in which one variable is not related to another.
Visit the GLOSS*arama
|
|
|
|
|
Lesson 1: Economic Basics | Unit 4: Goals
|
Page: 11 of 18
|
The three macro goals are most important in the study of the macroeconomics:- Full employment: This is when all available resources (labor, capital, land, and entrepreneurship) are used to produce goods and services. It enables more production that can reduce the scarcity problem.
- Stability: This is avoiding or limiting fluctuations in production, employment, and prices. It reduces uncertainty of the future.
- Growth: This is increasing the economy's ability to produce goods and services. It improves living standards and better addresses the scarcity problem.
The two micro goals are most important in the study of the microeconomics:- Efficiency: This is getting the highest amount of satisfaction from available resources. Efficiency is achieved when society cannot change the distribution of resources in any way that would increase the total amount of satisfaction obtained by society.
- Equity: This is the fairness with which income or wealth is distributed within a society. Equity occurs when income or wealth is fairly distributed. But the standards of fairness differ and puts us into normative economics.
|
|
|
|
|
|
|
PERFECT COMPETITION, LONG-RUN EQUILIBRIUM CONDITIONS The long-run equilibrium of a perfectly competitive industry generates six specific equilibrium conditions, including: (1) economic efficiency (P = MC), (2) profit maximization (MR = MC), (3) perfect competition (MR = AR = P), (4) breakeven output (P = AR = ATC), (5) minimum production cost (MC = ATC), and (6) minimum efficient scale (MC = ATC = LRAC = LRMC).
Complete Entry | Visit the WEB*pedia |
|
|
BEIGE MUNDORTLE
[What's This?]
Today, you are likely to spend a great deal of time looking for the new strip mall out on the highway hoping to buy either throw pillows for your living room sofa or a hepa filter for your furnace. Be on the lookout for a thesaurus filled with typos.
Your Complete Scope
This isn't me! What am I?
|
|
|
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.
|
|
|
"It is very rare that you meet with obstacles in this world (that) the humblest man has not the faculties to surmount. " -- Henry David Thoreau, philosopher
|
|
CPI
Consumer Price Index
|
|
|
Tell us what you think about AmosWEB. Like what you see? Have suggestions for improvements? Let us know. Click the User Feedback link.
User Feedback
|
|
