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AGGREGATE MARKET: An economic model relating the price level and real production that is used to analyze business cycles, gross domestic product, unemployment, inflation, stabilization policies, and related macroeconomic phenomena. The aggregate market, inspired by the standard market model, captures the interaction between aggregate demand (the buyers) and short-run and long-run aggregate supply (the sellers).
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Lesson 4: Production Possibilities | Unit 2: The Schedule
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Page: 7 of 24
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Opportunity cost is greater as we produce more calibrators. Why?- The law of increasing opportunity cost which says that the opportunity cost of producing a good increases as more and more of the good is produced.
- Third rule of inequality. All resources are not equally suited to produce all goods.
- First calibrator (A to B) uses resources best suited for calibrators and least suited for shoes.
- Tenth calibrator (J to K) uses resources least suited for calibrators and best suited for shoes.
- As more of a good is produced and supplied, opportunity cost increases.
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AVERAGE REVENUE PRODUCT AND MARGINAL REVENUE PRODUCT A mathematical connection between average revenue product and marginal revenue product stating that the change in the average revenue product depends on a comparison between the average revenue product and marginal revenue product. If marginal revenue product is less than average revenue product, then average revenue product declines. If marginal revenue product is greater than average revenue product, then average revenue product rises. If marginal revenue product is equal to average revenue product, then average revenue product does not change.
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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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This isn't me! What am I?
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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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DVP
Discounted Present Value
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