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ECONOMIC FORCES: Forces in the marketing environment that include decisions made by consumers and business organizations. The economy tends to follow business cycles of prosperity, recession, depression, and recovery--all which impact decisions made by an organization. It is critical for a business to correctly assess the current and near term trends in the business cycle. Incorrect decisions of inventory buildup, expansion, contraction, etc. can seriously impact a firm's market position and subsequent survivability.

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Lesson 4: Production Possibilities | Unit 3: The Curve Page: 10 of 24

Topic: Connecting Points <=PAGE BACK | PAGE NEXT=>

Like a constellation in the sky, we will find it convenient to outline an 'image' by connecting the individual points.
  • Connecting our 11 points lets us include other options. These are only 11 of many possibilities.
  • The curve we get is the production possibilities curve. It's also termed the production possibilities frontier for reasons that will become clear as we continue this lesson.
  • Note that the curve is flat at the top and steep at the bottom.

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AVERAGE TOTAL COST CURVE

A curve that graphically represents the relation between average total cost incurred by a firm in the short-run product of a good or service and the quantity produced. The average total cost curve is constructed to capture the relation between average total cost and the level of output, holding other variables, like technology and resource prices, constant. The average total cost curve is one of three average curves. The other two are average variable cost curve and average fixed cost curve. A related curve is the marginal cost curve.

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In the Middle Ages, pepper was used for bartering, and it was often more valuable and stable in value than gold.
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