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AFC: The abbreviation for average fixed cost, which is fixed cost per unit of output, found by dividing total fixed cost by the quantity of output. Average fixed cost is one of three related cost averages. The other two are average variable cost and avarage total cost. Average fixed cost decreases with larger quantities of output. Because fixed cost is FIXED and does not change with the quantity of output, a given cost is spread more thinly per unit as quantity increases. A thousand dollars of fixed cost averages out to $10 per unit if only 100 units are produced. But if 10,000 units are produced, then the average shrinks to a mere 10 cents per unit.

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Lesson 1: Economic Basics | Unit 4: Goals Page: 12 of 18

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

Pursuing one goal is usually at the expense of another, we have tradeoffs.

Three reasons for tradeoffs:

  • First, resources used to pursue one goal cannot be used to pursue another.
  • Second, actions that move us toward one goal can move us away from another.
  • Third, pursuing a goal may be good for some, but bad for others.
A thought:
  • Economists are inclined to stress efficiency more than others--but efficiency is only one of several goals.

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RECESSIONARY GAP, KEYNESIAN MODEL

The difference between equilibrium aggregate production achieved in the Keynesian model and full-employment aggregate production that occurs when equilibrium aggregate production is less than full-employment aggregate production. A recessionary gap, also termed a contractionary gap, is associated with a business-cycle contraction. The prescribed Keynesian remedy for a recessionary gap is expansionary fiscal policy. This is one of two alternative output gaps that can occur when equilibrium generates production that differs from full employment. The other is an inflationary gap.

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Today, you are likely to spend a great deal of time at the confiscated property police auction wanting to buy either a cross-cut paper shredder or a birthday greeting card for your father. Be on the lookout for mail order catalogs with hidden messages.
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Much of the $15 million used by the United States to finance the Louisiana Purchase from France was borrowed from European banks.
"Failure is the opportunity to begin again, more intelligently. "

-- Henry Ford, automobile manufacturer

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