PLANNING CURVE: Another term for the long-run average cost curve (LRAC). Using the name planning curve indicates that the long-run average cost curve is used to "making plans" especially concerning the desired scale of operations of a firm. That is, in the long run a firm will seek the plant size that maximizes long-run profit by equating long-run marginal cost and marginal revenue. It will then pick out the appropriate plant size off the long-run average cost with the minimum short-run average total cost.

     See also | long-run average cost curve | planning period | long-run marginal cost | marginal revenue | returns to scale | plant |

PLANNING CURVE, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2026. [Accessed: May 18, 2026].

Back to the GLOSS*arama

In theory, an economy, or economic system, that is a transition between capitalism and communism and is based on: (1) government, rather than individual, ownership of resources, (2) worker control of the government, such that workers, rather than capitalist, control capital and other productive resources, (3) income allocated on need rather than on resource ownership or contribution to production. In practice, socialism is a type of economy based on--(1) government ownership and control of the most crucial resources, like those for energy production, communication, transportation, and health care and (2) a heavy dose of central planning by government.

Complete Entry | Visit the WEB*pedia

Today, you are likely to spend a great deal of time at a dollar discount store wanting to buy either a coffee cup commemorating last Friday (you know why) or a wall poster commemorating the first day of spring. Be on the lookout for gnomes hiding in cypress trees.
Your Complete Scope

This isn't me! What am I?

-- David Sarnoff, TV pioneer

User Feedback