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REALISM OF MONOPOLY: If taken to the extreme, monopoly, like perfect competition is an ideal market structure that does not actually exist in the real world. In the extreme, a "pure" monopoly is a market containing one and only ONE seller of good, a good with absolutely, positively no substitutes. The product is absolutely, certifiably unique. It's not just that it has no CLOSE substitutes, it has NO substitutes. Period. End of story. In the real world, however, every product, no matter how seemingly unique it might appear, has substitutes. The substitutes might not be very close. They might be really, really bad substitutes. But they are substitutes. As such, there are no pure monopolies in the real world.

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Lesson 4: Production Possibilities | Unit 1: Getting Started Page: 1 of 24

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Let's begin with a definition:

Production possibilities is an analysis that shows how much of two goods that our economy can produce given existing resources and technology.

Production possibilities analysis is used to...

  • Answer the 'What?' question of allocation: To answer the "What?", what goods we want to produce depends on what goods the economy is able to produce.
  • Understand economic concepts: Some of the key terms we will analyze are opportunity cost, unemployment, full employment, investment, and growth.
  • Introduce graphical analysis techniques: This will be our first hands-on work with graphical analysis, a required part of economic study. Graphs, lines, and curves are a handy way of abstracting key relationships and principles from the real world.

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GOVERNMENT SUBSIDIES

Transfer payments from the government sector to the business sector that do not involve current production. This is one component of the official entry government subsidies less current surplus of government enterprises found in the National Income and Product Accounts maintained by the Bureau of Economic Analysis that separates national income (the resource cost of production) and gross (and net) domestic product (the market value of production).

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Today, you are likely to spend a great deal of time driving to a factory outlet wanting to buy either a black duffle bag with velcro closures or any book written by Isaac Asimov. Be on the lookout for telephone calls from long-lost relatives.
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The penny is the only coin minted by the U.S. government in which the "face" on the head looks to the right. All others face left.
"Always remember that striving and struggle precede success, even in the dictionary. "

-- Sarah Ban Breathnach, writer

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