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RENT SEEKING: The inclination of everyone who is alive and breathing to get as much as they can for themselves. These stems from the idea of economic rent, which is a payment over above the opportunity cost. People are said to be rent seeking when they try to get higher wages, more profit, or any other payment over above the minimum they would be willing to accept.

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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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SLOPE, AGGREGATE EXPENDITURES LINE

The positive slope of the aggregate expenditures line is the sum of the marginal propensity to consume (MPC), marginal propensity to invest (MPI), and marginal propensity for government purchases (MPG), less the marginal propensity to import (MPM). This slope is greater than zero but less than one, reflecting induced expenditures by the four macroeconomic sectors (household, business, government, and foreign). The slope of the aggregate expenditures line determines the magnitude of the multiplier process.

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Today, you are likely to spend a great deal of time browsing through a long list of dot com websites looking to buy either a how-to book on meeting people or clothing for your pet iguana. Be on the lookout for defective microphones.
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Post WWI induced hyperinflation in German in the early 1900s raised prices by 726 million times from 1918 to 1923.
"Now is the only time there is. Make your now wow, your minutes miracles, and your days pay. Your life will have been magnificently lived and invested, and when you die you will have made a difference."

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