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LAW OF COMPARATIVE ADVANTAGE: A basic principle that states every nation has a production activity that incurs a lower opportunity cost than that of another nation, which means that trade between the two nations can be beneficial to both if each specializes in the production of a good with lower relative opportunity cost. While this law is fundamental to the study of international trade, it also applies to other activities, especially the specialization and the division of labor.

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Lesson 11: Circular Flow | Unit 5: Real World Page: 20 of 22

Topic: Production And Income <=PAGE BACK | PAGE NEXT=>

Measures of production and income.
  • Net domestic product (NDP) is GDP minus capital consumption allowances CCA).
  • National income (NI) is NDP minus indirect business taxes (IBT).
  • Personal income (PI) is NI minus undistributed corporate profits (UCP), corporate profits taxes (CPT) and Social Security Taxes (SST), plus transfer payments.
  • Disposable income (DI) is PI minus personal taxes.

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TOTAL VARIABLE COST AND MARGINAL COST

A mathematical connection between marginal cost and total variable cost stating that marginal cost IS the slope of the total variable cost curve. This relation between total variable cost and marginal cost is also seen with total cost. The slope of the total cost curve is marginal cost, as well. The relation between total variable cost and marginal cost is but another in the long line of applications of the total-marginal relation.

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BROWN PRAGMATOX
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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 T-shirt commemorating the 2000 Olympics or a genuine fake plastic Tiffany lamp. Be on the lookout for empty parking spaces that appear to be near the entrance to a store.
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John Maynard Keynes was born the same year Karl Marx died.
"Man is born to live, not to prepare for life. "

-- Boris Pasternak, writer

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Bayesian VAR (Vector Autoregression)
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