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PERFECT COMPETITION, SHUTDOWN: A perfectly competitive firm is presumed to shutdown production and produce no output in the short run, if price is less than average variable cost. This is one of three short-run production alternatives facing a firm. The other two are profit maximization (if price exceeds average total cost) and loss minimization (if price is greater than average variable cost but less than average total cost).
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Lesson 17: Money | Unit 1: Money Basics
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Page: 2 of 25
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The notion of general acceptance makes money THE medium of exchange for economic transactions. It must be generally accepted. - Two types of value:
- Value in use (intrinsic value): An item provides satisfaction of wants and needs.
- Value in exchange: An item does not provide satisfaction directly but can be traded for something that does.
- Money may or may not have value in use, but to be a medium of exchange, it must have value in exchange.
Money is an economic lubricant. - Too much money prompts inflationary expansion and too little entices recessionary unemployment.
- The challenge is to maintain the proper balance between too much and too little.
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AVERAGE TOTAL COST CURVE A curve that graphically represents the relation between average total cost incurred by a firm in the short-run product of a good or service and the quantity produced. The average total cost curve is constructed to capture the relation between average total cost and the level of output, holding other variables, like technology and resource prices, constant. The average total cost curve is one of three average curves. The other two are average variable cost curve and average fixed cost curve. A related curve is the marginal cost curve.
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PINK FADFLY
[What's This?]
Today, you are likely to spend a great deal of time searching for rummage sales wanting to buy either a packet of address labels large enough for addresses of both the sender and the recipient or a key chain with a built-in flashlight and panic button. Be on the lookout for deranged pelicans.
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A U.S. dime has 118 groves around its edge, one fewer than a U.S. quarter.
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"The only place success comes before work is in the dictionary. " -- Vince Lombardi
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