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 OPEN ECONOMY: An economy with a great deal of foreign trade. At the extreme, a completely open economy is one that has no trade barriers. Most of the world's hundred-plus nations are relatively open, but much less than they could be because of a wide assortment of trade restrictions. The more an economy is open, the more dependent it is on happenings around the world.
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 Lesson 4: Production Possibilities | Unit 3: The Curve Page: 9 of 24

 Topic: Plot <=PAGE BACK | PAGE NEXT=>

We can transform the schedule of production possibility numbers into a graph.
• Each bundle can be represented by a point in two dimensional production possibilities space.
• The two dimensions of the space are clock calibrators on the horizontal axis and jogging shoes on the vertical axis.
• The horizontal axis is measured between 0 and 11 calibrators.
• The vertical axis is measured between 0 and 500 jogging shoes.
• The two axis are joined at the origin.
• The plotted bundles form a semi-circle pattern.
• If these were stars in the night sky we might name it the arc of production. But it's not, so we won't.

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PERSONAL INCOME

The total income received by the members of the domestic household sector, which may or may not be earned from productive activities during a given period of time, usually one year. Personal income (PI) is one of three measures of income reported in the National Income and Product Accounts maintained by the Bureau of Economic Analysis. The other two are national income (NI) and disposable income (DI). Two related measures of production are gross domestic product (GDP) and net domestic product (NDP). The primary use of personal income is to measure the income actually paid out to the household sector. After adjusting for income taxes, personal income forms the basis for consumption expenditures on gross domestic product.

 BROWN PRAGMATOX[What's This?] Today, you are likely to spend a great deal of time at a garage sale trying to buy either a rechargeable battery for your camera or a coffee cup commemorating the first day of spring. Be on the lookout for vindictive digital clocks with revenge on their minds.Your Complete Scope
 In the late 1800s and early 1900s, almost 2 million children were employed as factory workers.
 "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
 APPAverage Physical Product
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