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LIBERAL: A political view that favors--(1) paternalistic government, (2) correction of market failure with government intervention, (3) equal opportunities for all citizens regardless of race, age, gender, ethnic origin, or planet of origin, (4) redistribution of income and wealth, and (5) extensive regulation and control by government over the profit-seeking businesses of the second estate.
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Lesson 4: Production Possibilities | Unit 3: The Curve
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Page: 11 of 24
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The slope of a line is measured by calculating the change in the value measured on the vertical axis divided by the change in the value measured on the horizontal axis. - Another way of saying this is to take the rise over the run.
| rise | change in shoes | | slope = | ---- = | -------------------------- | | run | change in calibrators |
- Slope between I and J is -70. Rise is a decrease of 70. Run is an increase of 1.
The slope of the production possibilities curve is the opportunity cost of the good measured on the horizontal axis, which in our example is clock calibrators.
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MARKET-CLEARING PRICE The price that exists when a market is clear of shortage and surplus, or is in equilibrium. Market-clearing price is a common, non-technical term for equilibrium price. In a market graph, the market-clearing price is found at the intersection of the demand curve and the supply curve.
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Parker Brothers, the folks who produce the Monopoly board game, prints more Monopoly money each year than real currency printed by the U.S. government.
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"You can't build a reputation on what you are going to do." -- Henry Ford, automaker
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LSE
London Stock Exchange
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