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DISINFLATION: A decline in the inflation rate. With disinflation, prices are still rising, they're just not rising as fast. Numerically speaking, if the inflation rate was 10% last year, 6% this year, and looks to be 4% next year, then we have disinflation. Disinflation, a reduction in the inflation rate, is not the same as deflation, a decline in the price level. Prices continue to rise with disinflation, just not as fast. Should disinflation continue, presumably because anti-inflationary monetary or fiscal policies are working effectively, then the average price level could decline and we make the transition to deflation.

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Lesson 4: Production Possibilities | Unit 4: Analysis Page: 14 of 24

Topic: Full Employment <=PAGE BACK | PAGE NEXT=>

We can use production possibilities to illustrate the full employment condition.
  • Full employment is the condition that exists when all available resources are engaged in the production of goods and services.
  • Full employment can be interpreted as any bundle that places the economy ON the production possibilities curve, including D and J.
  • L does not fully employ all resources.
  • M is not attainable.

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SUBSTITUTE GOOD

In general, one of two (or more) goods that are related in an either/or fashion. In terms of demand, substitute goods are those that provide the same basic satisfaction of a want or need when consumed. In terms of supply, substitute goods are those that use the same resource for production in an exclusionary manner. A substitute good is one of two ways that goods are related. The other is a complement good.

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Today, you are likely to spend a great deal of time waiting for visits from door-to-door solicitors trying to buy either a weathervane with a cow on top or a box of multi-colored, plastic paper clips. Be on the lookout for attractive cable television service repair people.
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Much of the $15 million used by the United States to finance the Louisiana Purchase from France was borrowed from European banks.
"Do what you feel in your heart to be right for you'll be criticized anyway. You'll be damned if you do and damned if you don't. "

-- Eleanor Roosevelt, first lady

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