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SHORT-RUN PRODUCTION ALTERNATIVES: A firm faces three production options in the short run based on a comparison between price, average total cost, and average variable cost. If price is greater than average total cost, a firm earns an economic profit by producing the quantity that equates marginal revenue with marginal cost. If price is less than average total cost but greater than average variable cost, a firm incurs an economic loss, but produces the quantity that equates marginal revenue with marginal cost. If price is less than average variable cost, a firm shuts down production in the short run, incurring an economic loss equal to total fixed cost.

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Lesson 2: Economic Science | Unit 2: Theory Page: 5 of 20

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Here are three notable aspects of scientific theories:
  • Universal: Theories are best if they apply to a wide variety of events. The scientific method is the process of identifying general principles that eliminate exceptions.
  • World View: Theories typically build upon a world view as part of their general body of principles.
    • Verified Principles. These are confirmed through the process of hypotheses testing.
    • Unverifiable Axioms. These are beliefs that are not directly testable against real world data. These are accepted on faith.
  • Political: The world view reflected in an economic theory is usually associated with a political philosophy.

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BANK BALANCE SHEET

A record of the assets, liabilities, and net worth of a bank at a given point in time. Assets are what a bank owns. Liabilities are what a bank owes. Net worth is the difference between the two and what is claimed by or owed to the owners of the bank. By definition, a balance sheet must balance. The assets on one side are equal to the liabilities and net worth on the other.

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Today, you are likely to spend a great deal of time flipping through the yellow pages trying to buy either a rotisserie oven that can also toast bread or a flower arrangement in a coffee cup for your father. Be on the lookout for cardboard boxes.
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The portrait on the quarter is a more accurate likeness of George Washington than that on the dollar bill.
"Our goals can only be reached through a vehicle of a plan, in which we must fervently believe, and upon which we must vigorously act. There is no other route to success. "

-- Pablo Picasso, artist

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