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SIXTH RULE OF IGNORANCE: The sixth of seven basic rules of the economy. It is a fact of life that obtaining information is a costly activity, it requires resources that have alternative uses. As such, no one knows everything and everyone is ignorant about something. I might know a lot about economics, but you can recite every line of every episode of "Gilligan's Island", and that weird-looking guy you bumped into at the store has a detailed account of everything you've done for the past five years.

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Lesson 14: Production | Unit 6: Product Curves Page: 16 of 25

Topic: Unit Review <=PAGE BACK | PAGE NEXT=>

In this unit, you should have learned about:
  • The TP curve as the graphical relation between total product values and variable input quantities.
  • The AP curve as the graphical relation between average product values and variable input quantities.
  • The MP curve as the graphical relation between marginal product values and variable input quantities.
  • The connection between the law of diminishing marginal returns and the shapes of the total product, average product, and marginal product curves.
  • The three stages of production characterized by the slopes of the total and marginal product curves.


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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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APLS

RED AGGRESSERINE
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Today, you are likely to spend a great deal of time driving to a factory outlet trying to buy either several magazines on time travel or 500 feet of telephone cable. Be on the lookout for infected paper cuts.
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This isn't me! What am I?

The first "Black Friday" on record, a friday marked by a major financial catastrophe, occurred on September 24, 1869 -- A FRIDAY -- when an attempted cornering of the gold market induced a financial crises and economy-wide depression.
"Those who are blessed with the most talent don't necessarily outperform everyone else. It's the people with follow-through who excel. "

-- Mary Kay Ash, May Kay Cosmetics founder

LTT
Long-Term Trend
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