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The answer to question number 37 is?
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HOTELLING'S RULE: The notion that efficiency and competitive market forces will lead to an increase of scarcity rent of a finite, exhaustible resource that is equal to the interest rate. The logic behind Hotelling's Rule is that as a finite fossil fuel is depleted, less is available in the future, causing scarcity rent, and thus the resource price, to increase. An increase in the resource price reduces the quantity demanded and conserves more for future consumption. When finite, exhaustible resource markets are competitive, this process generates an efficient allocation over time.
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SPECIALIZATION: The condition in which resources are primarily devoted to specific tasks. This is one of THE most important and most fundamental notions in the study of economics. Civilized human beings have long recognized that limited resources can be more effectively used in the production the goods and services that satisfy unlimited wants and needs if those resources specialize. For example, three ice cream parlor workers, can be, in total, more productive if one runs the cash register, another scoops the ice cream, and a third adds the hot fudge topping. By devoting their energies to learning how to do their respective tasks really, really well, these three workers can produce more hot fudge sundaes than if each performed all required tasks. See also | resources | economics | limited resources | production | goods | services | unlimited wants and needs | comparative advantage | division of labor |
Recommended Citation:SPECIALIZATION, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2015. [Accessed: February 27, 2015].
AmosWEB Encyclonomic WEB*pedia:Additional information on this term can be found at: WEB*pedia: specialization
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AVERAGE REVENUE AND MARGINAL REVENUE A mathematical connection between average revenue and marginal revenue stating that the change in the average revenue depends on a comparison between average revenue and marginal revenue. For perfect competition, with no market control, marginal revenue is equal to average revenue, and average revenue does not change. For monopoly and other firms with market control, marginal revenue is less than average revenue, and average revenue falls.
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State of the ECONOMY
U.S. Job Openings
November 2014
5.0 million Bureau of Labor Statistics
Up slightly
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RED AGGRESSERINE
[What's This?]
Today, you are likely to spend a great deal of time watching infomercials hoping to buy either a birthday gift for your father that doesn't look like every other birthday gift for your father or a green fountain pen. Be on the lookout for slightly overweight pizza delivery guys.
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This isn't me! What am I?
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Al Capone's business card said he was a used furniture dealer.
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"Believe and act as if it were impossible to fail." -- Charles F. Kettering
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PSBR
Public Sector Debt Repayment
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