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BUILDING CYCLE: The recurring periods of first active and then stagnant home sales and housing construction. A complete cycle usually lasts from 15 to 20 years. The source of these ups and downs rests with the competitive nature of the home construction business, the length of time it takes to build a house and, perhaps most importantly, the length of time before a house depreciates.
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Lesson Contents
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Unit 1: Getting Started |
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Unit 2: The Schedule |
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Unit 3: The Curve |
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Unit 4: Analysis |
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Unit 5: Investment | |
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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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CLASSICAL AGGREGATE SUPPLY CURVE An aggregate supply curve--a graphical representation of the relation between real production and the price level--that reflects the basic principles of classical economics. The classical aggregate supply curve is vertical at the full-employment level of real production indicating that the quantity of aggregate production is independent of the price level. An alternative is the Keynesian aggregate supply curve.
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RED AGGRESSERINE
[What's This?]
Today, you are likely to spend a great deal of time at a flea market hoping to buy either a birthday greeting card for your father or a T-shirt commemorating the first day of spring. Be on the lookout for defective microphones.
Your Complete Scope
This isn't me! What am I?
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The average length of a "business lunch" is about 36 minutes.
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"Defeat is simply a signal to press onward. " -- Helen Keller, author, lecturer
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PI
Personal Income
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