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ECONOMIC DEVELOPMENT: The process of improving the economy's ability to satisfy consumers wants and needs. Unlike economic growth, which is concerned with year to year increases in production, economic development deals more with the basic fabric of society, especially the institutions that govern the way our economy and society functions. As such, a lesser developed nation is not only likely to have a low levels of production and limited amount capital, but also cultural beliefs and government practices that prevent more effective use of the capital.
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LONG-RUN AVERAGE COST CURVE, DERIVATION The long-run average cost curve is the envelope of an infinite number of short-run average total cost curves, with each short-run average total cost curve tangent to, or just touching, the long-run average cost curve at a single point corresponding to a single output quantity. The key to the derivation of the long-run average cost curve is that each short-run average total cost curve is constructed based on a given amount of the fixed input, usually capital. As such, when the quantity of the fixed input changes, the short-run average total cost curve shifts to a new location.
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YELLOW CHIPPEROON
[What's This?]
Today, you are likely to spend a great deal of time surfing the Internet seeking to buy either a velvet painting of Elvis Presley or a wall poster commemorating yesterday. Be on the lookout for malfunctioning pocket calculators.
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This isn't me! What am I?
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Natural gas has no odor. The smell is added artificially so that leaks can be detected.
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"Enthusiasm is the greatest asset in the world. It beats money and power and influence. It is no more or less than faith in action. " -- Henry Chester, Writer
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LRAS
Long Run Aggregate Supply
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