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NATIONAL INDUSTRIAL RECOVERY ACT: One of the first acts passed under New Deal program the Roosevelt administration in 1933, it specifically allowed workers to organized into unions and to engage in collective bargaining without interference from firms. This act, going by the acronym NIRA, was declared unconstitutional in 1935, but while in force gave a big boost to labor unions and membership. The National Labor Relations Act was created in 1935 to replace the NIRA.

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Lesson 4: Production Possibilities | Unit 2: The Schedule Page: 7 of 24

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

Opportunity cost is greater as we produce more calibrators. Why?
  • The law of increasing opportunity cost which says that the opportunity cost of producing a good increases as more and more of the good is produced.
  • Third rule of inequality. All resources are not equally suited to produce all goods.
  • First calibrator (A to B) uses resources best suited for calibrators and least suited for shoes.
  • Tenth calibrator (J to K) uses resources least suited for calibrators and best suited for shoes.
  • As more of a good is produced and supplied, opportunity cost increases.

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AVERAGE PRODUCT CURVE

A curve that graphically illustrates the relation between average product and the quantity of the variable input, holding all other inputs fixed. This curve indicates the per unit output at each level of the variable input. The average product curve is one of three related curves used in the analysis of the short-run production of a firm. The other two are total product curve and marginal product curve.

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Today, you are likely to spend a great deal of time strolling around a discount warehouse buying club wanting to buy either a tall storage cabinet with five shelves and a secure lock or a birthday greeting card for your grandmother. Be on the lookout for cardboard boxes.
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The New York Stock Exchange was established by a group of investors in New York City in 1817 under a buttonwood tree at the end of a little road named Wall Street.
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