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January 18, 2018 

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LRAC: The abbreviation for long-run average cost, which is the per unit cost of producing a good or service in the long run when all inputs are variable. In other words, long-run total cost divided by the quantity of output produced. Long-run average cost is based on economies of scale (or increasing returns to scale) and diseconomies of scale (or decreasing returns to scale).

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Lesson 9: Macro Basics | Unit 5: Issues Page: 14 of 16

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

Policy perspectives are filled with differing politics and political philosophies.

Reasons for differing views of the 'best' economic policies:

  • First: Human beings are different, with different likes, dislikes, tastes, preferences, values, beliefs, ideologies and opinions. This is the source of differences on what is considered the 'best' for the economy.
  • Second: Human beings often have vested interests in the consequences of the policies. They personally benefit from a policy. While self-interest is okay, the question is whether self-interests of the few prevent greater welfare of the many.

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AVERAGE PROPENSITY TO CONSUME

The proportion of household income that is used for consumption expenditures. The average propensity to consume (abbreviated APC) is really nothing more than average consumption. Together with the average propensity to save, it indicates how a given level of income is divided between consumption and saving. A related consumption measure is the marginal propensity to consume.

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APLS

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Today, you are likely to spend a great deal of time flipping through the yellow pages wanting to buy either a half-dozen helium filled balloons or a packet of address labels large enough for addresses of both the sender and the recipient. Be on the lookout for rusty deck screws.
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Parker Brothers, the folks who produce the Monopoly board game, prints more Monopoly money each year than real currency printed by the U.S. government.
"Twenty years from now you will be more disappointed by the things that you didn't do than by the ones you did do. So throw off the bowlines. Sail away from the safe harbor. Catch the trade winds in your sails. Explore. Dream. Discover."

-- Mark Twain

APC
Average Propensity to Consume
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