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ACCUMULATION: The process of acquiring an item and adding that item to others previously acquired. In an economic context this most often refers to the accumulation of capital, as in the phrase "capital accumulation." However, it is also used in the context of consumer durable goods, financial assets, money, wealth, and a host of other "stock" variables. When applied to capital, the process of accumulation occurs through investment.
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Lesson 4: Production Possibilities | Unit 4: Analysis
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Page: 15 of 24
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We can use production possibilities to illustrate unemployment, too.- Unemployment is the condition that exists when some available resources are NOT engaged in the production of goods and services.
- Unemployment is interpreted as any bundle that places the economy INSIDE the production possibilities curve.
- With unemployment we don't get as much production as with full employment.
- Unemployment is as any bundle, such as L, inside the curve.
- M is not attainable.
- Unemployment applies to all types of resources.
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TOTAL FIXED COST Cost of production that does NOT change with changes in the quantity of output produced by a firm in the short run. Total fixed cost is one part of total cost. The other is total variable cost. At any and all levels of output, fixed cost is the same. It includes cost that is not dependent on, or is unrelated to, production. The best way to identify fixed cost is to produce zero output. Fixed cost is incurred whether or not any output is produced. A cost measure directly related to total fixed cost is average fixed cost.
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RED AGGRESSERINE
[What's This?]
Today, you are likely to spend a great deal of time at a dollar discount store seeking to buy either storage boxes for your summer clothes or 500 feet of coaxial cable. Be on the lookout for telephone calls from long-lost relatives.
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The portrait on the quarter is a more accurate likeness of George Washington than that on the dollar bill.
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"A leader, once convinced that a particular course of action is the right one, must . . . be undaunted when the going gets tough." -- President Ronald Reagan
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MSCI
Morgan Stanley Capital Index
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