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DISCRETIONARY POLICY: Government policies that involve explicit actions designed to achieve specific goals. A common type of discretionary policy is that designed to stabilize business cycles, reduce unemployment, and lower inflation, through government spending and taxes (fiscal policy) or the money supply (monetary policy). Discretionary policies are also termed activist policies because they involve active decisions by government. A contrast to discretionary policy is automatic stabilizers that help stabilize business cycles without explicit government actions.

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Lesson Contents
Unit 1: Short-Run Production
  • Making Stuff
  • Two Inputs: Fixed and Variable
  • Two Runs: Short and Long
  • Two More Runs
  • Unit 1 Summary
  • Unit 2: Production Measures
  • Total Product
  • Average Product
  • Marginal Product
  • THE Law
  • Unit 2 Summary
  • Unit 3: Product Curves
  • Total Product Curve
  • Average Product Curve
  • Marginal Product Curve
  • THE Law Again
  • Production Stages
  • Unit 3 Summary
  • Unit 4: Long-Run Production
  • Making Plans
  • Returns To Scale
  • Increasing Returns To Scale
  • Decreasing Returns To Scale
  • Constant Returns To Scale
  • Unit 4 Summary
  • Unit 5: Supply
  • A Review
  • A Preview
  • Unit 5 Summary
  • Course Home
    Production

    • The first unit of this lesson, Short-Run Production, begins our study by introducing a few basic concepts underlying production, especially short run, long run, fixed input, and variable input.
    • In the second unit, Production Measures, we take a look the three standard measures of production -- total product, average product, and marginal product.
    • The third unit, Product Curves, then presents graphical relations for these three measures -- total product curve, average product curve, and marginal product curve.
    • In the fourth unit, Long-Run Production, we examine the role returns to scale play in long-run production.
    • The fifth and final unit, Supply, then closes this lesson by previewing the importance of production to the supply decisions by firms.s

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    ECONOMIC THINKING

    A way of looking at and analyzing the way the world works by comparing the cost of an action with the benefit generated. The study of economics is the process of economic thinking about issues related to the scarcity problem.

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    Today, you are likely to spend a great deal of time flipping through the yellow pages looking to buy either a handcrafted bird house or a weathervane with a chicken on top. Be on the lookout for high interest rates.
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