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VERY LONG RUN: A period of time in which all inputs in the production process are variable and the technology and assorted social institutions affecting production can change. You should compare very long run with long run and production, short run and production, and market period.
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Lesson 3: Scarcity | Unit 4: College Cost
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Page: 12 of 17
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An example of the opportunity cost of attending college.- Tuition, fees, textbooks, sliderule, etc. ($932.71 per semester) is an explicit opportunity cost.
- The opportunity cost is all other things that you could have bought with this money-fuzzy dice, hot fudge sundaes, a used Ford Pinto, music CDs.
- The tuition cost of your college degree is the added up over all semesters ($7,461,68).
However, the TOTAL COST actually goes well beyond this explicit $7,461,68 payment, since there are other costs that don't involve a money payment:- By attending school you have foregone alternative activities like working.
- Unearned income, $15,000 per year, $60,000 for four years, is an extremely important implicit opportunity cost of a college education.
- Implicit opportunity costs need not have a dollar value attached.
- The foregone satisfaction from activities like watching television or sleeping, are also implicit opportunity costs.
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AGGREGATE MARKET ANALYSIS An investigation of macroeconomic phenomena, including unemployment, inflation, business cycles, and stabilization policies, using the aggregate market interaction between aggregate demand, short-run aggregate supply, and long-run aggregate supply. Aggregate market analysis, also termed AS-AD analysis, has been the primary method of macroeconomic analysis since replacing Keynesian economics in the 1980s. Like most economic analysis, aggregate market analysis employs comparative statics, the technique of comparing the equilibrium after a shock with the equilibrium before a shock.
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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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"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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TFP
otal Factor Productivity
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