|
|
OKUN'S LAW: A relationship that says that the gap between actual and full employment output level of gross domestic product widens by 3.0% for each percentage point increase in the unemployment rate. When Arthur Okun discovered this empirical relationship he was on President Kennedy's Council of Economic Advisers (CEA). Okun cautioned that the relationship was valid only within unemployment rates of 3% and 7.5%.
Visit the GLOSS*arama
|
|
|
|
|
MINIMUM EFFICIENT SCALE The quantity of production that places a firm at the lowest point on its long-run average cost curve. The minimum efficient scale achieves production of a good at the lowest possible opportunity cost. In other words, it is not possible to produced a good at any lower cost than at the minimum efficient scale. At this quantity the production involves foregoing the least amount of other goods.
Complete Entry | Visit the WEB*pedia |
|
|
WHITE GULLIBON
[What's This?]
Today, you are likely to spend a great deal of time searching the newspaper want ads seeking to buy either a graduation present for your niece or nephew or a toaster oven that has convection cooking. Be on the lookout for telephone calls from long-lost relatives.
Your Complete Scope
This isn't me! What am I?
|
|
|
The first U.S. fire insurance company was established by Benjamin Franklin in 1752 in Philadelphia.
|
|
|
"Rowing harder doesn't help if the boat is headed in the wrong direction. " -- Kenichi Ohmae, management consultant
|
|
JEMS
Journal of Economics and Management Strategy
|
|
|
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
|
|
