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LIMIT PRICING: The strategic behavior process in which a firm with market control sets its price and output so that there is not enough demand left for another firm to enter the market and earn profits. The firm expands its output causing the price to fall, which discourages potential entrants to this market. This practice is most commonly undertaken by oligopoly firms seeking to expand their market shares and gain greater market control.

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Lesson 4: Production Possibilities | Unit 1: Getting Started Page: 1 of 24

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Let's begin with a definition:

Production possibilities is an analysis that shows how much of two goods that our economy can produce given existing resources and technology.

Production possibilities analysis is used to...

  • Answer the 'What?' question of allocation: To answer the "What?", what goods we want to produce depends on what goods the economy is able to produce.
  • Understand economic concepts: Some of the key terms we will analyze are opportunity cost, unemployment, full employment, investment, and growth.
  • Introduce graphical analysis techniques: This will be our first hands-on work with graphical analysis, a required part of economic study. Graphs, lines, and curves are a handy way of abstracting key relationships and principles from the real world.

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AGGREGATE SUPPLY DECREASE, LONG-RUN AGGREGATE MARKET

A shock to the long-run aggregate market caused by a decrease in aggregate supply, resulting in and illustrated by a leftward shift of the long-run aggregate supply curve. A decrease in aggregate supply in the long-run aggregate market results in an increase in the price level and a decrease in real production. The level of real production resulting from the shock is a smaller level of full-employment real production.

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Today, you are likely to spend a great deal of time browsing about a thrift store hoping to buy either clothing for your kitty cats or a set of luggage without wheels. Be on the lookout for small children selling products door-to-door.
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On a typical day, the United States Mint produces over $1 million worth of dimes.
"Man is born to live, not to prepare for life. "

-- Boris Pasternak, writer

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