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A POSTERIORI: A conclusion reached through logical reasoning based on facts and observations about the real world. This notion is closely related to the scientific verification of hypotheses and the identification of principles. A similar sounding, but opposite term is a prior, which is a unverified presumption made before an analysis is undertaken. For example, in the study of economics of crime you might assume, a priori, that people are basically "good", and conclude, a posteriori, that people are more likely to commit crimes when the threat of capture and conviction is lower.

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Lesson 4: Production Possibilities | Unit 5: Investment Page: 24 of 24

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  • Investment as the fundamental process of giving up current consumption to achieve greater productivity in the future.
  • How the tradeoff between consumption and capital is illustrated by a movement along the production possibilities curve.
  • How the sacrifice of more current consumption to produce more capital leads to a greater outward shift in the production possibilities curve.
  • The importance of economic growth resulting from investment in addressing the fundamental problem of scarcity.


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PERFECT COMPETITION, PROFIT MAXIMIZATION

A perfectly competitive firm is presumed to produce the quantity of output that maximizes economic profit--the difference between total revenue and total cost. This production decision can be analyzed directly with economic profit, by identifying the greatest difference between total revenue and total cost, or by the equality between marginal revenue and marginal cost.

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Today, you are likely to spend a great deal of time going from convenience store to convenience store wanting to buy either a genuine fake plastic Tiffany lamp or a microwave over that won't burn your popcorn. Be on the lookout for letters from the Internal Revenue Service.
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North Carolina supplied all the domestic gold coined for currency by the U.S. Mint in Philadelphia until 1828.
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