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SCARCITY RENT: The marginal opportunity cost imposed on future generations by extracting one more unit of a resource today. Scarcity rent is one of two costs the extraction of a finite resource imposes on society. The other is marginal extraction cost--the opportunity cost of resources employed in the extraction activity. Scarcity rent is the cost of "using up" a finite resource because benefits of the extracted resource are unavailable to future generations. Efficiency is achieved when the resource price--the benefit society is willing to pay for the resource today--is equal to the sum of marginal extraction cost and scarcity rent.

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Lesson 4: Production Possibilities | Unit 2: The Schedule Page: 6 of 24

Topic: Opportunity Cost <=PAGE BACK | PAGE NEXT=>

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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INTERCEPT, GOVERNMENT PURCHASES LINE

The intercept of the government purchases line indicates autonomous government purchases, government purchases that do not depend on the level of income or production. This can be thought of as government purchases that the government sector undertakes regardless of the state of the economy. Autonomous government purchases are affected by the government purchases determinants, which cause a change in the intercept and a shift of the government purchases line.

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Today, you are likely to spend a great deal of time strolling around a discount warehouse buying club seeking to buy either a wall poster commemorating the 2000 Presidential election or a rechargeable flashlight. Be on the lookout for spoiled cheese hiding under your bed hatching conspiracies against humanity.
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A thousand years before metal coins were developed, clay tablet "checks" were used as money by the Babylonians.
"Good judgment comes from experience, and often experience comes from bad judgment."

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