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DEREGULATION: The reduction of government regulation of business, consumers, and market activity. The most noted period of deregulation occured during the 1970s and 1980s in response to criticisms that economic regulation inhibited rather than promoted competition. Key industries deregulated during this period were transportation, communications, and banking industries. Social regulations were also relaxed.
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Lesson 4: Production Possibilities | Unit 5: Investment
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Page: 24 of 24
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- Investment as the fundamental process of giving up current consumption to achieve greater productivity in the future.
- How the tradeoff between consumption and capital is illustrated by a movement along the production possibilities curve.
- How the sacrifice of more current consumption to produce more capital leads to a greater outward shift in the production possibilities curve.
- The importance of economic growth resulting from investment in addressing the fundamental problem of scarcity.
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MARGINAL COST CURVE A curve that graphically represents the relation between the marginal cost incurred by a firm in the short-run product of a good or service and the quantity of output produced. This curve is constructed to capture the relation between marginal cost and the level of output, holding other variables like technology and resource prices constant. Three related curves are average total cost curve, average variable cost curve, and average fixed cost curve.
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GRAY SKITTERY
[What's This?]
Today, you are likely to spend a great deal of time watching infomercials trying to buy either a birthday greeting card for your grandfather or a weathervane with a cow on top. Be on the lookout for neighborhood pets, especially belligerent parrots.
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This isn't me! What am I?
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In his older years, Andrew Carnegie seldom carried money because he was offended by its sight and touch.
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"The time to repair the roof is when the sun is shining." -- John F. Kennedy, 35th U. S. president
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AOQL
Average Outgoing Quality Limit
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