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BUSINESS CYCLE MEASUREMENT: Three of the most noted and often used measures of business cycle activity are real gross domestic product (especially the growth rate), unemployment rate, and inflation rate. Another group of measures fall under the broad heading of economic indicators and include leading economic indicators, coincident economic indicators, and lagging economic indicators. Real sophisticated economic types also follow measures such as changes in business inventories, Producer Price Index, M2 money supply, durable goods order, and others.
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Lesson 4: Production Possibilities | Unit 2: The Schedule
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Page: 6 of 24
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Topic:
Opportunity Cost
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Tradeoff between the production of jogging shoes and clock calibrators.- Resources are limited: Producing more of one good necessarily means producing less of the other.
- This tradeoff represents the concept of opportunity cost.
- Opportunity cost tells us how many pairs of jogging shoes are given up to produce each additional quartz clock calibrator.
- Opportunity cost of first calibrator is 5 pairs of shoes.
- Opportunity cost of second calibrator is 5 pairs of shoes.
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COLLUSION, EFFICIENCY Colluding oligopolistic firms generally produce less output and charge a higher price than would be the case for a perfectly competitive industry. The efficiency of colluding oligopolistic firms is essentially the same as that for monopoly. In essence, colluding oligopolistic firms function just as if the market is a monopoly. The price charged by the colluding firms is higher than the marginal cost of production and the quantity is less. Most notably, price is greater than marginal, a violation of the key condition for efficiency.
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BLACK DISMALAPOD
[What's This?]
Today, you are likely to spend a great deal of time strolling through a department store looking to buy either a birthday greeting card for your father or a T-shirt commemorating the first day of spring. Be on the lookout for letters from the Internal Revenue Service.
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This isn't me! What am I?
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The first paper currency used in North America was pasteboard playing cards "temporarily" authorized as money by the colonial governor of French Canada, awaiting "real money" from France.
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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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WAPM
Weak Axiom of Profit Maximization
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