|
|
DECREASING-COST INDUSTRY: A perfectly competitive industry with a negatively-sloped long-run industry supply curve that results because expansion of the industry causes lower production cost and resource prices. For a decreasing-cost industry the entry of new firms, prompted by an increase in demand, causes the long-run average supply curve of each firm to shift downward, which decreases the minimum efficient scale of production.
Visit the GLOSS*arama
|
|
|
|
|
Lesson 4: Production Possibilities | Unit 4: Analysis
|
Page: 16 of 24
|
|
Bundles outside the curve can be achieved through economic growth. Economic growth is the process of increasing the economy's ability to produce goods and expand the production possibilities curve. - Bundle M cannot be reached with existing resources and technology and the current production possibilities frontier.
- The production possibilities frontier only represents a current boundary.
- Expanding resources and technology gives us economic growth. Specifically, we can increase the quantity or quality of resources.
|
|
|
|
|
|
|
SAVING SCHEDULE A table or chart that represents the relation between saving by the household sector and income. A saving schedule is commonly used for a basic, instructional presentation of aggregate saving activity by the household sector and is also used as a source of numbers for deriving the saving line. The key measures derived from the saving-income relation in the schedule are average propensity to save and marginal propensity to save. The consumption schedule is comparable, and more important, table for the relation between consumption and income.
Complete Entry | Visit the WEB*pedia |
|
|
BEIGE MUNDORTLE
[What's This?]
Today, you are likely to spend a great deal of time browsing about a thrift store looking to buy either a solid oak entertainment center or a remote controlled ceiling fan. Be on the lookout for the happiest person in the room.
Your Complete Scope
This isn't me! What am I?
|
|
|
Two and a half gallons of oil are needed to produce one automobile tire.
|
|
|
"The time to repair the roof is when the sun is shining." -- John F. Kennedy, 35th U. S. president
|
|
NYCE
New York Cotton Exchange
|
|
|
Tell us what you think about AmosWEB. Like what you see? Have suggestions for improvements? Let us know. Click the User Feedback link.
User Feedback
|
|
