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GROWTH RATE: The percentage change in a variable from one year to the next. The growth rate, in effect, measures how much the variable is growing over time. In that economists (as well as regular human people) are quite interested in economic growth, progress, and a lessening of the scarcity problem, growth rates for different economic variables are closely scrutinized. Among the most important are: real gross domestic product, population, and per capita income. Growth rates are important not only for the analysis of long-run progress (economic growth, economic development), but also short-run instability (business cycles)

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Lesson 7: Market | Unit 5: The Method Page: 21 of 22

Topic: Inefficiency <=PAGE BACK | PAGE NEXT=>

Inefficient use of resources can result from:
  • The fourth rule of competition-with less competition buyers or sellers control the price. The quantity is too little and the demand price is greater than the supply price.
  • The seventh rule of complexity-costs or benefits external to the market (externalities) cause differences between the value of goods produced and goods not produced, even though market demand and supply prices are equal.
  • The fifth rule of imperfection-markets are not perfect.
    • Scarcity implies the lack of competition.
    • Complexity implies externalities.
Efficiency is a goal, not a perpetual state of the world.

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ACCOUNTING COST

An actual outlay or expenses incurred in the production of a good that shows up in a firm's accounting statements and records. Accounting cost is an explicit payment (that is, money changing hands) incurred by a firm. Accounting cost, while very important to accountants, company CEOs, shareholders, and the Internal Revenue Service, is only minimally important to economists. The reason is that economists are more interested in economic cost (also called opportunity cost), which is the value of foregone production.

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APLS

RED AGGRESSERINE
[What's This?]

Today, you are likely to spend a great deal of time searching for a specialty store trying to buy either a pair of red and purple designer socks or a T-shirt commemorating Thor Heyerdahl's Pacific crossing aboard the Kon-Tiki. Be on the lookout for florescent light bulbs that hum folk songs from the sixties.
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The 22.6% decline in stock prices on October 19, 1987 was larger than the infamous 12.8% decline on October 29, 1929.
"The vacuum created by failure to communicate will quickly be filled with rumor, misrepresentations, drivel and poison. "

-- C. Northcote Parkinson, historian

BPEA
Brookings Papers on Economic Activity
A PEDestrian's Guide
Xtra Credit
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