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INSIDER TRADING: The buying and selling of corporate stock or other financial instruments based on knowledge that is not widely available to the general public. Insider trading is most often undertaken by corporate executives or directors using information that they have acquired by working "inside" the company. Insider trading is illegal because it gives an unfair advantage to those on the inside. The president of a pharmaceutical company might be inclined to sell stock in the company using advanced information that the government is about to decline the patent application for a new drug.
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Lesson Contents
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Unit 1: Short-Run Production |
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Unit 2: Production Measures |
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Unit 3: Product Curves |
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Unit 4: Long-Run Production |
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Unit 5: Supply | |
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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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ABSTRACTION Simplifying the complexities of the real world by ignoring (hopefully) unimportant details while doing economic analysis. Abstraction is an essential feature of the scientific method. Hypothesis verification, model construction, and comparative static analysis are not possible without abstraction.
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BLUE PLACIDOLA
[What's This?]
Today, you are likely to spend a great deal of time going from convenience store to convenience store hoping to buy either a how-to book on meeting people or clothing for your pet iguana. Be on the lookout for pencil sharpeners with an attitude.
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This isn't me! What am I?
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Two and a half gallons of oil are needed to produce one automobile tire.
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"Use, do not abuse; neither abstinence nor excess ever renders man happy." -- Voltaire, philosopher
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AVT
Ad Valorem Taxes
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