March 17, 2018 

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PLANNING PERIOD: The period of time in which a firm selects the profit-maximizing plant size in the long run when all inputs, especially capital, are variable. This is, in other words, another term for the long run, but applied to the adjustment using the long-run average cost curve.

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Lesson 7: Market | Unit 5: The Method Page: 18 of 22

Topic: Efficient Markets <=PAGE BACK | PAGE NEXT=>

Rethinking demand and supply curves indicates efficiency of markets.

Market equilibrium has:

  • Equality between quantity demanded and quantity supplied.
  • Equality between demand price and supply price.
  • Equality between demand price and supply price means that the satisfaction obtained from the good produced is equal to the opportunity cost of production.
  • This equality between prices also means that the value of the good produced is equal to the value of goods not produced.

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The mental and physical human efforts used in the production of goods and services. This is one of four basic categories of resources, or factors of production. The other three are capital, land, and entrepreneurship.

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Today, you are likely to spend a great deal of time at a crowded estate auction trying to buy either a coffee cup commemorating Thor Heyerdahl's Pacific crossing aboard the Kon-Tiki or a rechargeable battery for your cell phone. Be on the lookout for malfunctioning pocket calculators.
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Woodrow Wilson's portrait adorned the $100,000 bill that was removed from circulation in 1929. Woodrow Wilson was removed from circulation in 1924.
"If football taught me anything about business, it is that you win the game one play at a time."

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