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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 4: Production Possibilities | Unit 5: Investment
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Page: 21 of 24
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Topic:
Bundle Choices: E
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Now with bundle E (410 jogging shoes and 4 calibrators).- Producing 4 calibrators has added to the economy's quantity of capital.
- The cost of these 4 calibrators is 40 pairs of shoes.
- Expanding the quantity of our capital has increased resources and shift the production possibilities curve.
- Tomorrow's production possibilities curve is farther out than today's curve. There is growth and a shift in the curve.
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MACROECONOMIC THEORIES Scientific theories that seek to explain phenomena associated with the macroeconomy. The primary phenomena investigated are unemployment, inflation, and the level of aggregate production. Macroeconomic theories also inevitably provide policy recommendations intended to improve the performance of the economy and to correct macroeconomic problems. A few of the more noted macroeconomic theories are: Classical economics, Keynesian economics, aggregate market (AS-AD) analysis, IS-LM analysis, Monetarism, and New Classical economics.
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PINK FADFLY
[What's This?]
Today, you are likely to spend a great deal of time going from convenience store to convenience store wanting to buy either a pair of gray heavy duty boot socks or a 50-foot blue garden hose. Be on the lookout for jovial bank tellers.
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This isn't me! What am I?
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Paper money used by the Commonwealth of Massachusetts prior to the U.S. Revolutionary War, which was issued against the dictates of Britain, was designed by patriot and silversmith, Paul Revere.
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"Defeat is simply a signal to press onward." -- Helen Keller, lecturer, author
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BCUA
Business Computers Users Association
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