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BIRTH RATE: The number of people born per 1,000 population. The birth rate is compared with the death rate to indicate the natural population growth of a country. (Net migration is also needed in the calculation of the final, overall, actual growth of population.) The birth rate most frequently comes up in economic development discussions of less developed countries and their progress (or lack thereof) through the demographic transition.
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Lesson 3: Scarcity | Unit 5: THE Problem
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Page: 15 of 17
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An important aspect of scarcity is the fact that almost nothing is free.- That's why economists are fond of saying: 'There ain't no such thing as a free lunch.
We have always faced limited resources and we've always wanted more than we can produce.- Scarcity is definitely THE Economic Problem.
- Everything we do from in economic terms-production, consumption, working, attending college-is directed toward this problem.
- Scarcity is important to many, perhaps even all, other human activities.
- Education? Without scarcity, education is not needed.
- Government? Without scarcity, government is not needed.
- What about vacations, religion, television?
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MARGINAL COST The change in total cost (or total variable cost) resulting from a change in the quantity of output produced by a firm in the short run. Marginal cost (MC) indicates how much total cost changes for a given change in the quantity of output. Because changes in total cost are matched by changes in total variable cost in the short run (total fixed cost is fixed), marginal cost is the change in either total cost or total variable cost. It is found by dividing the change in total cost (or total variable cost) by the change in output. Marginal cost is one of four cost concepts used in short-run production analysis. The other three are average total cost, average fixed cost, and average variable cost.
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ORANGE REBELOON
[What's This?]
Today, you are likely to spend a great deal of time browsing through a long list of dot com websites hoping to buy either a pair of red goulashes with shiny buckles or a handcrafted bird feeder. Be on the lookout for defective microphones.
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This isn't me! What am I?
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The Dow Jones family of stock market price indexes began with a simple average of 11 stock prices in 1884.
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"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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AACT
American Assocation of Commodity Traders
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