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SEVEN RULES: Seven key economic principles underlying the study of economics and the operation of the economy. These seven rules are: first -- scarcity, second -- subjectivity, third -- inequality, fourth -- competition, fifth -- imperfection, sixth -- ignorance, and seventh -- complexity.

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Lesson Contents
Unit 1: The Basics
  • Opportunity Cost
  • Cost Times Two
  • Profit Times Three
  • Unit 1 Summary
  • Unit 2: Three Totals
  • Fixed And Variable
  • A Table Of Totals
  • Total Curves
  • TP And TVC
  • Unit 2 Summary
  • Unit 3: Four More Measures
  • Three Averages
  • A Table Of Averages
  • Average Curves
  • One Marginal
  • A Marginal Table
  • The Marginal Curve
  • Unit 3 Summary
  • Unit 4: Long-Run Cost
  • Doing The Long Run
  • A Choice Of Plants
  • Planning Curve
  • Scale Economies
  • Unit 4 Summary
  • Unit 5: Previewing Supply
  • Production Stages
  • Marginal Cost
  • Unit 5 Summary
  • Course Home
    Cost

    • The first unit of this lesson, The Basics, begins this our study with a review of the opportunity cost notion and how it relates to business activity.
    • In the second unit, Three Totals, we take a look at the three total cost measures, including total cost, total variable cost, and total fixed cost.
    • The third unit, Four More Measures, then presents four additional cost measures -- average total cost, average variable cost, average fixed cost, and marginal cost.
    • In the fourth unit, Long-Run Cost, we examine how scale economies and diseconomies affect cost in the long run.
    • The fifth and final unit, Previewing Supply, then closes this lesson by previewing the importance of cost, especially marginal cost, to the supply decision by a firm.

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    NEAR-PUBLIC GOODS

    Goods characterized by nonrival consumption and the ability to exclude nonpayers. Near-public goods are one of four types of goods differentiated by consumption rivalry and nonpayer excludability. The other three goods are near-public (rival consumption and nonpayers can be excluded), public (nonrival consumption and nonpayers cannot be excluded), and common-property (rival consumption and nonpayers cannot be excluded). The ease of excluding of nonpayers means near-public goods can be exchanged through markets, but nonrival consumption means efficiency can only be achieved with government intervention.

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    APLS

    ORANGE REBELOON
    [What's This?]

    Today, you are likely to spend a great deal of time at a flea market seeking to buy either a how-to book on fixing your computer, with illustrations or several magazines on computer software. Be on the lookout for empty parking spaces that appear to be near the entrance to a store.
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    This isn't me! What am I?

    Natural gas has no odor. The smell is added artificially so that leaks can be detected.
    "It is not because things are difficult that we do not dare; it is because we do not dare that they are difficult. "

    -- Seneca, statesman, dramatist, philosopher

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