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Y-AXIS: In a graph, this is one of two lines that intersect at a right angle. This is the "vertical axis" that runs up and down.
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Lesson 4: Production Possibilities | Unit 2: The Schedule
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Page: 6 of 24
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Topic:
Opportunity Cost
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Tradeoff between the production of jogging shoes and clock calibrators.- Resources are limited: Producing more of one good necessarily means producing less of the other.
- This tradeoff represents the concept of opportunity cost.
- Opportunity cost tells us how many pairs of jogging shoes are given up to produce each additional quartz clock calibrator.
- Opportunity cost of first calibrator is 5 pairs of shoes.
- Opportunity cost of second calibrator is 5 pairs of shoes.
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NATURAL SELECTION The notion that firms best suited to the economic environment on the ones that tend to survive. The natural selection of business firms is an adaptation of the biological process of natural selection, in which biological entities best suited to the natural environment are the ones that survive. The concept of economic natural selection is aimed primarily at the profit-maximization assumption. Although firms might not seek to maximize profit on a day-to-day basis, those that come closest (intentionally or unintentionally) are the ones that remain in business.
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GRAY SKITTERY
[What's This?]
Today, you are likely to spend a great deal of time searching for rummage sales looking to buy either clothing for your kitty cats or a set of luggage without wheels. Be on the lookout for vindictive digital clocks with revenge on their minds.
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Potato chips were invented in 1853 by a irritated chef repeatedly seeking to appease the hard to please Cornelius Vanderbilt who demanded french fried potatoes that were thinner and crisper than normal.
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"We succeed in enterprises (that) demand the positive qualities we possess, but we excel in those (that) can also make use of our defects." -- Alexis de Tocqueville, Statesman
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LPG
Liquid Petroleum Gas
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