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MARKET FAILURES: Conditions in which a market does not efficiently allocate resources to achieve the greatest possible consumer satisfaction. The four main market failures are--(1) public good, (2) market control, (3) externality, and (4) imperfect information. In each case, a market acting without any government imposed direction, does not direct an efficient amount of our resources into the production, distribution, or consumption of the good.
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Lesson 14: Production | Unit 1: Short-Run Production
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Page: 2 of 25
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Topic:
Two Inputs: Fixed And Variable
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- Two different types of inputs -- fixed and variable.
- A fixed input is an input used in the production of goods and services that does not change in the time period of the analysis.
- A variable input is an input used in the production of goods and services that does change in the time period of the analysis.
- For short-run production, the quantity of variable inputs used in production can be changed, but the quantity of fixed inputs can not.
- Fixed and variable inputs are closely connected to the time period of analysis.
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UNIT OF ACCOUNT The money function in which money is used as the common benchmark to designate the prices of goods exchanged throughout the economy. Unit of account, or measure of value, means money is functioning as the measuring unit for prices. In other words, prices of goods are stated in terms of the monetary unit. This is one of four basic functions of money. The other three are medium of exchange, store of value, and standard of deferred payment.
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BLACK DISMALAPOD
[What's This?]
Today, you are likely to spend a great deal of time browsing about a thrift store looking to buy either an ink cartridge for your printer or a rechargeable battery for your camera. 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.
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"We succeed in enterprises (that) demand the positive qualities we possess, but we excel in those (that) can also make use of our defects." -- Alexis de Tocqueville, Statesman
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MLR
Minimum Lending Rate
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