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ECONOMIC GOAL: One of five basic conditions of the mixed economy that is generally desired by society. We typically divide these five into macro goals (full employment, stability and economic growth) and micro goals (efficiency and equity).
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Lesson 4: Production Possibilities | Unit 3: The Curve
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Page: 10 of 24
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Topic:
Connecting Points
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Like a constellation in the sky, we will find it convenient to outline an 'image' by connecting the individual points.- Connecting our 11 points lets us include other options. These are only 11 of many possibilities.
- The curve we get is the production possibilities curve. It's also termed the production possibilities frontier for reasons that will become clear as we continue this lesson.
- Note that the curve is flat at the top and steep at the bottom.
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SCIENCE A discipline, or topic of study, that uses the scientific method to investigate and explain the operation of the world by testing and verifying hypothesized relations. Science is commonly divided into physical sciences (including chemistry, physics, and biology) and social sciences (including economics, sociology, and political science). Science is not just a subject, but a method of investigation using the scientific method.
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BROWN PRAGMATOX
[What's This?]
Today, you are likely to spend a great deal of time browsing through a long list of dot com websites seeking to buy either a case of blank recordable DVDs or a pair of red goulashes with shiny buckles. Be on the lookout for mail order catalogs with hidden messages.
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This isn't me! What am I?
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Post WWI induced hyperinflation in German in the early 1900s raised prices by 726 million times from 1918 to 1923.
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"A winner is someone who recognizes his God-given talents, works his tail off to develop them into skills, and uses those skills to accomplish his goals. " -- Larry Bird, basketball player
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LTT
Long-Term Trend
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