Google
Sunday 
May 29, 2016 

AmosWEB means Economics with a Touch of Whimsy!

AmosWEBWEB*pediaGLOSS*aramaECON*worldCLASS*portalQUIZ*tasticPED GuideXtra CrediteTutorA*PLS
Today's Index
Yesterday's Index
137.5

Help us compile the AmosWEB Free Lunch Index. Tell us about your last lunch.

Skipped lunch altogether.
Bought by another.
Ate lunch at home.
Brought lunch from home.
Fast food drive through.
Fast food dine in.
All-you-can eat buffet.
Casual dining with tip.
Fancy upscale with tip.

More About the Index
The Federal Reserve Open Market Committee meets on?

Saturday and/or Sunday.
Monday.
Tuesday.
Wednesday.
Thursday.
Friday.

FALLACY OF COMPOSITION: The logical fallacy of arguing that what is true for the parts is also true for the whole. In the study of economics, this takes the form of assuming that what works for parts of the economy, such as households or businesses also works for the aggregate, or macroeconomy. The contrasting fallacy, which you might want to examine next, is the fallacy of division.

Visit the GLOSS*arama


FULL EMPLOYMENT, PRODUCTION POSSIBILITIES:

Full employment is the condition that exists when all available resources are engaged in the production of goods and services. In other words, all resources that could be used for production are being used. This is indicated in production possibilities analysis by producing a combination of goods that places the economy on the production possibilities curve.

Full Employment
Production possibilities, which analyzes the alternative combinations of two goods that an economy can produce with given resources and technology, indicates full employment when production is on the production possibilities curve.

The construction of the production possibilities curve embodies this concept of full employment. Full employment is the condition that exists when all available resources are engaged in the production of goods and services. In particular, each point on the production possibilities curve is based on the presumption that all existing resources are used to produce the two goods. In other words, all resources are engaged in production. This means that full employment exists at every point ON the production possibilities curve.

To illustrate this, use the mouse arrow to point out full employment as all points, including D and J, that lie ON the curve. However, also note that point L does not fully employ all resources and point M is not attainable with existing resources and technology.

<= FULL EMPLOYMENT, LONG-RUN AGGREGATE SUPPLYFULL-RESERVE BANKING =>


Recommended Citation:

FULL EMPLOYMENT, PRODUCTION POSSIBILITIES, AmosWEB Encyclonomic WEB*pedia, http://www.AmosWEB.com, AmosWEB LLC, 2000-2016. [Accessed: May 29, 2016].


Check Out These Related Terms...

     | unemployment, production possibilities | derivation, production possibilities curve | slope, production possibilities curve | opportunity cost, production possibilities | investment, production possibilities | economic growth, production possibilities | economic growth, sources | law of increasing opportunity cost |


Or For A Little Background...

     | full employment | production possibilities | production possibilities curve | assumptions, production possibilities | technical efficiency | graphical analysis |


And For Further Study...

     | economic efficiency | efficiency | economic goals | seven economic rules | free lunch | three questions of allocation | four estates | government functions | political views |


Related Websites (Will Open in New Window)...

     | function text0(){document.show.display.value="" | document.show.numbers.value="" | }function text1(){document.show.display.value="Full Employment" | }function D(){document.show.display.value="Full Employment" | document.show.numbers.value="3 sheds, 425 crab puffs" | }function J(){document.show.display.value="Full Employment" | document.show.numbers.value="9 sheds, 200 crab puffs" | }function text2(){document.show.display.value="Unemployment" | }function L(){document.show.display.value="Unemployment" | document.show.numbers.value="3 sheds, 200 crab puffs" | }function text3(){document.show.display.value="Unattainable" | }function M(){document.show.display.value="Unattainable" | document.show.numbers.value="9 sheds, 425 crab puffs" | } |


Search Again?

Back to the WEB*pedia


APLS

State of the ECONOMY

Median weekly earnings
Third Quarter 2015
$803 / week
Up from the 2nd quarter 2015

More Stats

WHITE GULLIBON
[What's This?]

Today, you are likely to spend a great deal of time at a crowded estate auction trying to buy either several magazines on computer software or a T-shirt commemorating the second moon landing. Be on the lookout for the last item on a shelf.
Your Complete Scope

This isn't me! What am I?

The portrait on the quarter is a more accurate likeness of George Washington than that on the dollar bill.
"Never let the fear of striking out get in your way. "

-- Babe Ruth

FITW
Federal Income Tax Witholding
A PEDestrian's Guide
Xtra Credit
Tell us what you think about AmosWEB. Like what you see? Have suggestions for improvements? Let us know. Click the User Feedback link.

User Feedback



| AmosWEB | WEB*pedia | GLOSS*arama | ECON*world | CLASS*portal | QUIZ*tastic | PED Guide | Xtra Credit | eTutor | A*PLS |
| About Us | Terms of Use | Privacy Statement |

Thanks for visiting AmosWEB
Copyright ©2000-2016 AmosWEB*LLC
Send comments or questions to: WebMaster