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INFLATION RATE: The percentage change in the price level from one period to the next. The two most common price indices used to measure the inflation are the Consumer Price Index (CPI) and the GDP price deflator.

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Lesson 4: Production Possibilities | Unit 4: Analysis Page: 17 of 24

Topic: Resource Quantity and Quality <=PAGE BACK | PAGE NEXT=>

Three ways to increase resource quantity.
  • Labor: Labor increases through (1) natural population growth, (2) immigration from other nations, and (3) more participation and fewer nonworkers.
  • Capital: The key to getting more capital is investment, giving up satisfaction today to get capital tomorrow.
  • Materials: The key to increasing their quantity is exploration. Exploration is best illustrated by digging or drilling into the Earth's crust in search of mineral or fossil fuel deposits.
Two ways to increase resource quality.
  • Education-The Quality of Labor: Education increases the quality of labor resources. Better educated workers are more productive workers.
  • Education can be formal, sitting-in-a-classroom or informal, on-the-job-training experience. Both are valuable methods of increasing the quality labor.
  • Technology-The Quality of Capital: Technology is the knowledge and information society as a whole possesses concerning the production of goods and services. Better technology enables more production.
  • Technology concerns all aspects of production, but it is often seen as an improvement in the quality of capital.

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BARRIERS TO ENTRY

Institutional, government, technological, or economic restrictions on the entry of participants into a market or industry. The four primary barriers to entry are: (1) resource ownership, (2) patents and copyrights, (3) government restrictions, and (2) start-up cost. Barriers to entry are a key reason for market control and the inefficiency that results. In particular, monopoly, oligopoly, monopsony, and oligopsony often owe their market control to assorted barriers to entry. By way of contrast, perfect competition, monopolistic competition, and monopsonistic competition have few if any barriers to entry and thus little or no market control.

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Today, you are likely to spend a great deal of time going from convenience store to convenience store trying to buy either a genuine down-filled snow parka or throw pillows for your living room sofa. Be on the lookout for infected paper cuts.
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A communal society, a prime component of Karl Marx's communist philosophy, was advocated by the Greek philosophy Plato.
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NYBOR
New York Interbank Offered Rate
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