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PATENT: The guaranteed ownership and control of an invention, innovation, or production technique by government for a period of time (currently 17 years). A patent gives the owner the exclusive rights to sell, market, license, or otherwise generate revenue from an invention, innovation, or production technique. Patents are designed to encourage inventions and other developments that promote technological advances. However, they are also an entry barrier and lead to market control.

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Lesson 9: Macro Basics | Unit 1: The Macroeconomy Page: 3 of 16

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  • The basic definition of an economy, which is an interactive system of production, distribution, and consumption of resources, goods and services.
  • The four macroeconomic sectors of and their expenditures on total production: (a) the household sector and consumption, (b) the business sector and investment, (c) the government sector and government purchases, and (d) the foreign sector and net exports.
  • The primary economic functions of the household sector, which is consumption, the business sector, which is production, and the government sector, which is regulating economic activity.
  • The difference between microeconomics, the study of the parts of the economy, and macroeconomics, the study of the aggregate economy.


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TOTAL FIXED COST CURVE

A curve that graphically represents the relation between total fixed cost incurred by a firm in the short-run product of a good or service and the quantity produced. This curve is constructed to capture the relation between total fixed cost and the level of output, holding other variables, like technology and resource prices, constant. Because total fixed cost are, in fact, fixed, the total fixed cost curve is, in fact, a horizontal line. The total fixed cost curve is one of three total cost curves, the other two are total cost curve and total variable cost curve.

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Today, you are likely to spend a great deal of time looking for the new strip mall out on the highway seeking to buy either storage boxes for your winter clothes or several magazines on time travel. Be on the lookout for broken fingernail clippers.
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Al Capone's business card said he was a used furniture dealer.
"How wonderful it is that nobody need wait a single moment before starting to improve the world. "

-- Anne Frank, diarist

AFEA
American Farm Economic Association
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