March 23, 2018 

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TC: The abbreviation for total cost, which is the opportunity cost incurred by all of the factors of production used by a firm to produce of a good or service, including wages paid to labor, rent paid for the land, interest paid to capital owners, and a normal profit paid to entrepreneurs. Total cost is most important in the analysis a firm's short-run production decision and is frequently separated into total variable cost and total fixed cost.

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Lesson 12: Business Cycles | Unit 5: Policies Page: 23 of 26

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Stabilization policies try to avoid or correct the problems caused by business cycle instability.
  • The two most popular are fiscal policy and monetary policy.
  • Do nothing 'nonpolicies' might be best in some cases, but are seldom used because people often demand immediate solutions to problems.
  • Business cycle instability is indicated by the red line rising above and falling below the long-run trend line.
  • The flatter, smoother line is the goal of stabilization policy, to limit business cycle instability.
  • Stabilization policies can be either expansionary or contractionary.

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A theory used to analyze the profit-maximizing quantity of inputs (that is, the services of factor of productions) purchased by a firm in the production of output. Marginal-productivity theory indicates that the demand for a factor of production is based on the marginal product of the factor. In particular, a firm is generally willing to pay a higher price for an input that is more productive and contributes more to output. The demand for an input is thus best termed a derived demand.

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