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QUALITY OF LIFE: A common term used to indicate the overall level of well-being or welfare of a person or group of people, taking into account both monetary and non-monetary factors. This notion is theoretically synonymous with utility and the satisfaction of wants and needs. However, from a practical standpoint, attempts have been made to measure the quality of life, primarily as a means of comparison between communities. Quality of life measures are composite indexes based on monetary factors such as income, wages, living costs, and taxes, combined with non-monetary factors such as crime rate, air quality, and education level.
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Lesson 4: Production Possibilities | Unit 2: The Schedule
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Page: 7 of 24
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Opportunity cost is greater as we produce more calibrators. Why?- The law of increasing opportunity cost which says that the opportunity cost of producing a good increases as more and more of the good is produced.
- Third rule of inequality. All resources are not equally suited to produce all goods.
- First calibrator (A to B) uses resources best suited for calibrators and least suited for shoes.
- Tenth calibrator (J to K) uses resources least suited for calibrators and best suited for shoes.
- As more of a good is produced and supplied, opportunity cost increases.
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ADVISORY COUNCILS, FEDERAL RESERVE SYSTEM Three support committees that provide feedback to the Board of Governors of the Federal Reserve System to assist in its assorted regulatory responsibilities, including Federal Advisory Council, Thrift Institutions Advisory Council, and Consumer Advisory Council. The Federal Advisory Council is a broad ranging council comprise of commercial bankers. The Thrift Institutions Advisory Council is comprised of representatives of thrift institutions. The Consumer Advisory Council is comprised of consumer credit representatives.
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The word "fiscal" is derived from a Latin word meaning "moneybag."
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"You have to find something that you love enough to be able to take risks, jump over the hurdles and break through the brick walls that are always going to be placed in front of you. If you don't have that kind of feeling for what it is you're doing, you'll stop at the first giant hurdle. " -- George Lucas
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FCF
Free Cash Flow
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