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ECONOMIC GROWTH: The long-run expansion of the economy's ability to produce output. This is one of five economic goals, specifically one of the three macro goals (stability and full employment are the other two). Economic growth is made possible by increasing the quantity or quality of the economy's resources (labor, capital, land, and entrepreneurship).
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Lesson 4: Production Possibilities | Unit 2: The Schedule
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Page: 6 of 24
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Topic:
Opportunity Cost
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Tradeoff between the production of jogging shoes and clock calibrators.- Resources are limited: Producing more of one good necessarily means producing less of the other.
- This tradeoff represents the concept of opportunity cost.
- Opportunity cost tells us how many pairs of jogging shoes are given up to produce each additional quartz clock calibrator.
- Opportunity cost of first calibrator is 5 pairs of shoes.
- Opportunity cost of second calibrator is 5 pairs of shoes.
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AMERICAN ECONOMIC ASSOCIATION A formal organization of professional economists that promotes economic research, organizes annual meetings and conferences, and maintains a list of publications in several economics subjects. The American Economic Association (AEA) was originally organized by a small group interested in economics at a meeting in 1888 in Saratoga, New York. However, as interest in the subject grew, it officially incorporated in 1923. Although the AEA contained only a small number of members in the beginning, today the membership is approximately 18,000. In addition, about 4,600 libraries, institutions, and firms subscribe to the quarterly publications of the AEA.
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GRAY SKITTERY
[What's This?]
Today, you are likely to spend a great deal of time strolling through a department store trying to buy either a genuine down-filled snow parka or throw pillows for your living room sofa. Be on the lookout for the happiest person in the room.
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Rosemary, long associated with remembrance, was worn as wreaths by students in ancient Greece during exams.
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"It's usually the last ounce of effort that tips the scales of success." -- Rick Beneteau
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ADV FRT
Advance Freight
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