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July 13, 2025 

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OPPORTUNITY COST, PRODUCTION POSSIBILITIES: The production possibilities analysis, which is the alternative combinations of two goods that an economy can produce with given resources and technology, can be used to illustrate opportunity cost--the highest valued alternative foregone in the pursuit of an activity.

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N: The standard abbreviation for the quantity of land resources, especially for the analysis of production. The letter "N" is used even though land begins with an "L" because "L" is used to represent labor. The complementary representations for other inputs are "L" for labor and "K" for capital.

     See also | land | production | production function | C | K |


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MARKET EQUILIBRIUM, NUMERICAL ANALYSIS

An analysis of market equilibrium using a table of numbers that combines a demand schedule and a supply schedule. A numerical analysis of the market is used to ascertain information such as market equilibrium, equilibrium price, equilibrium quantity, shortage, and surplus. This is one of two basic methods of analyzing market equilibrium. The other is a graphical analysis using demand and supply curves.

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Today, you are likely to spend a great deal of time surfing the Internet wanting to buy either a wall poster commemorating the first day of spring or a lazy Susan for you dining room table. Be on the lookout for gnomes hiding in cypress trees.
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Potato chips were invented in 1853 by a irritated chef repeatedly seeking to appease the hard to please Cornelius Vanderbilt who demanded french fried potatoes that were thinner and crisper than normal.
"To sit back and let fate play its hand out, and never influence it, is not the way man was meant to operate."

-- John Glenn, astronaut, U.S. senator

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Real Gross Domestic Product
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