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BENEFIT-COST RATIO: The benefit of an activity per dollar of cost. Benefit-cost ratios (or alternatively cost-benefit ratios) are frequently estimated for many forms of government spending, as well as a growing number of business investments. This technique was originally developed to determine if public investment projects, like dams, public parks, highways, etc., were worth doing. The logic is simple -- If benefits are greater than costs, then the project is worthwhile, if they are less, then it isn't.
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Lesson Contents
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Unit 1: Economics |
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Unit 2: Doing Economics |
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Unit 3: The Economy |
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Unit 4: Economic Goals |
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Unit 5: Economic Policies | |
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Economic Basics
This lesson provides an introduction and overview of economics. You'll come across a number of basic concepts and terms. The full importance of these might not be apparent until later lessons, but they WILL be important. Like other lessons to come, this one is divided into five units. - The first unit, Economics, offers up a definition of economics and provides two useful lists -- the three questions of allocation and the seven rules of economics.
- The second unit, Doing Economics, explores the practice of economics, including positive and normative economics, macroeconomics and microeconomics, and six common logical fallacies.
- In the third unit, An Economy, we turn our attention to real world economies that contain a mix of markets and governments.
- We then examine the five basic goals of a mixed economy in the fourth unit, Economic Goals, including the three macro goals of full employment, stability, and growth; and the two micro goals of efficiency and equity.
- The fifth and final unit in this lesson, Economic Policies, considers assorted economic policies that governments use to achieve the five economic goals.
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AVERAGE REVENUE, MONOPOLISTIC COMPETITION The revenue received for selling a good per unit of output sold, found by dividing total revenue by the quantity of output. Average revenue often goes by a simpler and more widely used term... price. For a monopolistically competitive firm average revenue is greater than marginal revenue. Average revenue for a monopolistically competitive firm is often depicted by a negatively-sloped average revenue curve.
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PURPLE SMARPHIN
[What's This?]
Today, you are likely to spend a great deal of time wandering around the shopping mall trying to buy either a coffee cup commemorating the 1960 Presidential election or a how-to book on fixing your computer, with illustrations. Be on the lookout for poorly written technical manuals.
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This isn't me! What am I?
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A scripophilist is one who collects rare stock and bond certificates, usually from extinct companies.
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"It has been my philosophy of life that difficulties vanish when faced boldly. " -- Isaac Asimov
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OSE
Osaka Securities Exchange (Japan)
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