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GROWTH: The process of increasing the economy's ability to produce goods. Growth is also one of the three macroeconomic goals of an economy (full employment and stability are the other two). Growth is usually measured by increases in gross domestic product or per capita gross domestic product. The main sources of growth are increases in the quantity and quality of the resources. And the primary way of achieving these increases goes by the term investment.
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INCREASING-COST INDUSTRY A perfectly competitive industry with a positively-sloped long-run industry supply curve that results because expansion of the industry causes higher production cost and resource prices. An increasing-cost industry occurs because the entry of new firms, prompted by an increase in demand, causes the long-run average cost curve of each firm to shift upward, which increases the minimum efficient scale of production.
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YELLOW CHIPPEROON
[What's This?]
Today, you are likely to spend a great deal of time strolling around a discount warehouse buying club wanting to buy either a hepa filter for your furnace or a wall poster commemorating next Thursday. Be on the lookout for florescent light bulbs that hum folk songs from the sixties.
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This isn't me! What am I?
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Mark Twain said "I wonder how much it would take to buy soap buble if there was only one in the world."
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"You need just the right amount of ambition . . . If you have too little ambition, you don't push or work hard. If you have too much ambition, you put yourself ahead of others, elbow them out of your way. " -- Andy Grove, Intel chairman and co-founder
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TP
Total Product
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