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TECHNOLOGICAL PROGRESS: An improvement in the ability to use the factors in the production of goods and services. That is, technological progress is an advance in the technical efficiency with which resources are combined in production. In contrast to factor accumulation, technological progress is an increase not in the quantity of the factor of production, but in the ability to transform the existing ones into output. That is, the ability to produce more output with given inputs or fewer inputs for a given output.

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Lesson 1: Economic Basics | Unit 5: Policies Page: 17 of 18

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  • The use of government policies to pursue the five economic goals of a mixed economy.
  • The four government policies used to pursue economic goals: fiscal, monetary, regulatory, judicial.
  • The five reasons for government action: instability, public goods, limited competition, externalities, and inadequate information.
  • The four imperfections of government action: voter apathy, special interest groups, re-election minded politicians, and complex bureaucracies.

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TOTAL REVENUE CURVE, MONOPOLISTIC COMPETITION

A curve that graphically represents the relation between the total revenue received by a monopolistically competitive firm for selling its output and the quantity of output sold. It is combined with the total cost curve to determine economic profit and the profit maximizing level of production. The slope of the total revenue curve is marginal revenue.

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Today, you are likely to spend a great deal of time at the confiscated property police auction seeking to buy either clothing for your pet iguana or a set of hubcaps. Be on the lookout for telephone calls from long-lost relatives.
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A communal society, a prime component of Karl Marx's communist philosophy, was advocated by the Greek philosophy Plato.
"You are never given a dream without also being given the power to make it true."

-- Richard Bach, Author

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Variable Elasticity of Substitution
A PEDestrian's Guide
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