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UNCERTAINTY: The possibility that any number of things could happen in the future. In other words, the future is not known. This should be compared with risk, which is assigning probabilities to alternative possibilities.

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Lesson 14: Production | Unit 1: Short-Run Production Page: 5 of 25

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In this unit, you should have learned about:
  • Production as the transformation of inputs into outputs an the central role it plays in market supply.
  • The difference between fixed inputs, which can not be changed during the period of analysis, and variable inputs, which can be changed.
  • Why the standard view is capital as the fixed input and labor as the variable input.
  • How fixed and variable inputs are related to the short run and long run.
  • Why firms are considered to operate in the short run and long run simultaneously.
  • Two alternative production time periods -- market period, in which all inputs and the output is fixed, and very long run, in which all inputs including social institutions and technology beyond the control of the firm are variable.


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CURRENT PRODUCTION

The production of final goods and services that takes place during a given time period. The emphasis here is on time period, especially the CURRENT time period. The macroeconomy's prime measure of current production is gross domestic product. Current production is best contrasted with transactions for past production and future production, both of which are excluded from gross domestic product.

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Today, you are likely to spend a great deal of time at an auction hoping to buy either a three-hole paper punch or decorative picture frames. Be on the lookout for empty parking spaces that appear to be near the entrance to a store.
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A scripophilist is one who collects rare stock and bond certificates, usually from extinct companies.
"Kites rise highest against the wind, not with it. "

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