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LOCKOUT: A plant or factory that is closed temporarily, because it's owners are trying to gain a negotiating advantage over the employees' union. A lockout is commonly used by a company's management if they suspect the union is planning to strike. A lockout by management before the union strikes is much like a pre-emptive military attach that tries to hit the enemy hard, fast, and first.

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Lesson 4: Production Possibilities | Unit 2: The Schedule Page: 7 of 24

Topic: Changing Cost <=PAGE BACK | PAGE NEXT=>

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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MARGINAL PRODUCTIVITY THEORY

A theory used to analyze the profit-maximizing quantity of inputs (that is, the services of factor of productions) purchased by a firm in the production of output. Marginal-productivity theory indicates that the demand for a factor of production is based on the marginal product of the factor. In particular, a firm is generally willing to pay a higher price for an input that is more productive and contributes more to output. The demand for an input is thus best termed a derived demand.

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ORANGE REBELOON
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Today, you are likely to spend a great deal of time flipping through the yellow pages trying to buy either a cross-cut paper shredder or a birthday greeting card for your father. Be on the lookout for infected paper cuts.
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A U.S. dime has 118 groves around its edge, one fewer than a U.S. quarter.
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