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LABOR SLOWDOWN: A technique used by workers, generally labor union members, who reduce their productivity in an attempt to achieve a particular goal or objective. The goal pursued tends to be relatively minor, such as better lighting, and thus not worth engaging in a formal strike.
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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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DEMAND DECREASE AND SUPPLY INCREASE A simultaneous decrease in the willingness and ability of buyers to purchase a good at the existing price, illustrated by a leftward shift of the demand curve, and an increase in the willingness and ability of sellers to sell a good at the existing price, illustrated by a rightward shift of the supply curve. When combined, both shifts result in an indeterminant change in equilibrium quantity and a decrease in equilibrium price.
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PURPLE SMARPHIN
[What's This?]
Today, you are likely to spend a great deal of time searching the newspaper want ads trying to buy either a New York Yankees baseball cap or several magazines on home repairs. Be on the lookout for fairy dust that tastes like salt.
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This isn't me! What am I?
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The first paper notes printed in the United States were in denominations of 1 cent, 5 cents, 25 cents, and 50 cents.
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"Be civil to all; sociable to many; familiar with few; friend to one; enemy to none. " -- Benjamin Franklin, statesman
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DOC
Department of Commerce
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