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COMMODITY MONEY: A medium of exchange (money) with both value in use and value in exchange. Commodity money is first and foremost a commodity that provides users with satisfaction of their wants and needs. However, it also has the secondary function of a medium of exchange.

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Lesson Contents
Unit 1: Getting Started
  • Overview
  • Assumptions
  • Limitations
  • Unit 1 Summary
  • Unit 2: The Schedule
  • Set Up
  • Opportunity Cost
  • Changing Cost
  • Unit 2 Summary
  • Unit 3: The Curve
  • Plot
  • Connecting Points
  • Slope and Cost
  • Shape
  • Unit 3 Summary
  • Unit 4: Analysis
  • Full Employment
  • Unemployment
  • Growth
  • Resource Quantity and Quality
  • Unit 4 Summary
  • Unit 5: Investment
  • Overview
  • Bundle Choices: A
  • Bundle Choices: E
  • Bundle Choices: I
  • Scarcity
  • Unit 5 Summary
  • Course Home
    Production Possibilities

    In this lesson we'll take a trip through production possibilities. Production possibilities is a handy little analysis that lets us consider what the economy is capable of doing, production-wise. We'll see how a production possibilities curve, the cornerstone of this analysis, is derived and how it can be used to understand several important concepts, including opportunity cost, unemployment, investment, and economic growth.

    • The first unit, Getting Started, begins this lesson by laying the foundations for production possibilities analysis, especially assumptions and limitations.
    • We turn out attention in the second unit, The Schedule, to the production possibilities schedule, a simple table that gives us a first shot on this analysis.
    • The production possibilities curve is then derived from the production possibilities schedule in the third unit, The Curve, with particular emphasis on the importance of opportunity cost
    • In the fourth unit, Analysis, we make use of the production possibilities analysis for an understanding of three important concepts: full employment, unemployment, and economic growth.
    • And lastly, the fifth unit, Investment, uses production possibilities to analyze investment in capital goods as a means of achieving economic growth.

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    MARGINAL FACTOR COST, MONOPSONY

    The change in total factor cost resulting from a change in the quantity of factor input employed by a monopsony. Marginal factor cost, abbreviated MFC, indicates how total factor cost changes with the employment of one more input. It is found by dividing the change in total factor cost by the change in the quantity of input used. Marginal factor cost is compared with marginal revenue product to identify the profit-maximizing quantity of input to hire.

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    [What's This?]

    Today, you are likely to spend a great deal of time visiting every yard sale in a 30-mile radius looking to buy either a combination CD player, clock radio, and telephone (with answering machine) or a revolving spice rack. Be on the lookout for florescent light bulbs that hum folk songs from the sixties.
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    A scripophilist is one who collects rare stock and bond certificates, usually from extinct companies.
    "Every man must decide whether he will walk in the light of creative altruism or in the darkness of destructive selfishness."

    -- Martin Luther King, Jr., clergyman

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