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BUYERS' EXPECTATIONS, DEMAND DETERMINANT: The expectations that buyers have concerning the future price of a good, which is assumed constant when a demand curve is constructed. Buyers' expectations are one of five demand determinants that shift the demand curve when they change. The other four are buyers' income, buyers' preferences, other prices, and number of buyers.

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Lesson 4: Production Possibilities | Unit 4: Analysis Page: 15 of 24

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We can use production possibilities to illustrate unemployment, too.
  • Unemployment is the condition that exists when some available resources are NOT engaged in the production of goods and services.
  • Unemployment is interpreted as any bundle that places the economy INSIDE the production possibilities curve.
  • With unemployment we don't get as much production as with full employment.
  • Unemployment is as any bundle, such as L, inside the curve.
  • M is not attainable.
  • Unemployment applies to all types of resources.

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SLOPE, PRODUCTION POSSIBILITIES CURVE

The numerical value of the slope of the production possibilities curve, which illustrates the alternative combinations of two goods that an economy can produce with given resources and technology, is the opportunity cost of producing the good measured on the horizontal axis.

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Today, you are likely to spend a great deal of time surfing the Internet hoping to buy either a wall poster commemorating the first day of spring or a lazy Susan for you dining room table. Be on the lookout for high interest rates.
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Three-forths of the gold mined each year is used to manufacture jewelry.
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