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December 16, 2018 

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RESOURCE ALLOCATION: The process of dividing up and distributing available, limited resources to competing, alternative uses that satisfy unlimited wants and needs. Given that world is rampant with scarcity (unlimited wants and needs, but limited resources), every want and need cannot be satisfied with available resources. Choices have to be made. Some wants and needs are satisfied, some are not. These choices, these decisions are the resource allocation process. An efficient resource allocation exists if society has achieved the highest possible level of satisfaction of wants and needs from the available resources AND resources can not be allocated differently to achieve any greater satisfaction.

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Lesson 16: Aggregate Shocks | Unit 1: Instability Page: 3 of 21

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  • The aggregate market as a tool to analyze the macroeconomy and its adjustments toward equilibrium.
  • How aggregate market adjustments are important to the difference between short-run equilibrium and long-run equilibrium.
  • That the aggregate market curves--AD, LRAS, and SRAS--are constructed assuming other (ceteris paribus) things remain unchanged.
  • Ceteris paribus determinants as the source of business cycle fluctuations away from the long-run, full employment growth trend of the economy.

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ASSUMPTIONS, PRODUCTION POSSIBILITIES

The four key assumptions underlying production possibilities analysis are: (1) resources are used to produce one or both of only two goods, (2) the quantities of the resources do not change, (3) technology and production techniques do not change, and (4) resources are used in a technically efficient way.

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BROWN PRAGMATOX
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Today, you are likely to spend a great deal of time searching for rummage sales looking to buy either clothing for your pet dog or an ink cartridge for your printer. Be on the lookout for empty parking spaces that appear to be near the entrance to a store.
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The earliest known use of paper currency was about 1270 in China during the rule of Kubla Khan.
"If things are not going well with you, begin your effort at correcting the situation by carefully examining the service you are rendering, and especially the spirit in which you are rendering it."

-- Roger Babson, statistician and columnist

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