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ABSOLUTE POVERTY LEVEL: The amount of income a person or family needs to purchase an absolute amount of the basic necessities of life. These basic necessities are identified in terms of calories of food, BTUs of energy, square feet of living space, etc. The problem with the absolute poverty level is that there really are no absolutes when in comes to consuming goods. You can consume a given poverty level of calories eating relatively expensive steak, relatively inexpensive pasta, or garbage from a restaurant dumpster. The income needed to acquire each of these calorie "minimums" vary greatly. That's why some prefer a relative poverty level.
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Lesson 14: Production | Unit 2: Production Measures
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Page: 10 of 25
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In this unit, you should have learned about:- Total product as the total quantity of output produced for different amounts of variable input.
- How total product increases as the quantity of variable inputs are added, reaches a peak, and then declines.
- Average product as the output produced per unit of variable input.
- How average product increases for the first few units of variable inputs, reaches a peak, and then declines.
- Marginal product as the change in total product resulting from a change in variable input.
- How Marginal product increases for the first few units of variable inputs, reaches a peak, and then declines.
- The law of diminishing marginal returns as the guiding principle for short-run production.
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BANK ASSETS What a bank owns, including loans, reserves, investment securities, and physical assets. Bank assets are typically listed on the left-hand side of a bank's balance sheet. Bank liabilities, what a bank owes, are listed on the right-hand side of a bank's balance sheet. Net worth is the difference between assets and liabilities. The largest asset category of most bank is loans, which generates interest revenue. A critical asset category used to maintain the safety of deposits is reserves (vault cash and Federal Reserve deposits).
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ORANGE REBELOON
[What's This?]
Today, you are likely to spend a great deal of time touring the new suburban shopping complex wanting to buy either several magazines on time travel or 500 feet of telephone cable. Be on the lookout for defective microphones.
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One of the largest markets for gold in the United States is the manufacturing of class rings.
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"Adversity is another way to measure the greatness of individuals. I never had a crisis that didn't make me stronger. " -- Lou Holtz, Football Coach
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WAPM
Weak Axiom of Profit Maximization
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