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ALLOCATIVE EFFICIENCY: Obtaining the most consumer satisfaction from available resources. Allocative efficiency means that our economy is doing the best job possible of satisfying unlimited wants and needs with limited resources -- that is, of addressing the problem of scarcity.
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Lesson 14: Production | Unit 1: Short-Run Production
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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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AMERICAN ECONOMIC ASSOCIATION A formal organization of professional economists that promotes economic research, organizes annual meetings and conferences, and maintains a list of publications in several economics subjects. The American Economic Association (AEA) was originally organized by a small group interested in economics at a meeting in 1888 in Saratoga, New York. However, as interest in the subject grew, it officially incorporated in 1923. Although the AEA contained only a small number of members in the beginning, today the membership is approximately 18,000. In addition, about 4,600 libraries, institutions, and firms subscribe to the quarterly publications of the AEA.
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BLACK DISMALAPOD
[What's This?]
Today, you are likely to spend a great deal of time driving to a factory outlet seeking to buy either a New York Yankees baseball cap or a solid oak entertainment center. Be on the lookout for letters from the Internal Revenue Service.
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This isn't me! What am I?
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Francis Bacon (1561-1626), a champion of the scientific method, died when he caught a severe cold while attempting to preserve a chicken by filling it with snow.
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"Far and away the best prize that life has to offer is the chance to work hard at work worth doing." -- Theodore Roosevelt, 26th US president
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BIS
Bank for International Settlements
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