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INSTITUTION: An established method or way of doing something that's widely accepted throughout society. Common institutions include marriage, markets, high school football in the fall, government, and Christmas gift-giving. Institutions provide the rules and guidelines needed to carry out the day-to-day activities of our lives. Institutions provide the crucial structure of a society and the framework within which economic activity takes place. Without institution structure, anarchy would prevail. With the rules, though, come rigidities that can prevent resources from being allocated efficiently.

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Lesson 4: Production Possibilities | Unit 3: The Curve Page: 9 of 24

Topic: Plot <=PAGE BACK | PAGE NEXT=>

We can transform the schedule of production possibility numbers into a graph.
  • Each bundle can be represented by a point in two dimensional production possibilities space.
  • The two dimensions of the space are clock calibrators on the horizontal axis and jogging shoes on the vertical axis.
  • The horizontal axis is measured between 0 and 11 calibrators.
  • The vertical axis is measured between 0 and 500 jogging shoes.
  • The two axis are joined at the origin.
  • The plotted bundles form a semi-circle pattern.
  • If these were stars in the night sky we might name it the arc of production. But it's not, so we won't.

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CONSTANT-COST INDUSTRY

A perfectly competitive industry with a horizontal long-run industry supply curve that results because expansion of the industry causes no change in production cost or resource prices. A constant-cost industry occurs because the entry of new firms, prompted by an increase in demand, does not affect the long-run average cost curve of individual firms, which means the minimum efficient scale of production does not change.

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Today, you are likely to spend a great deal of time calling an endless list of 800 numbers wanting to buy either a large red and white striped beach towel or a bottle of blackcherry flavored spring water. Be on the lookout for celebrities who speak directly to you through your television.
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The earliest known use of paper currency was about 1270 in China during the rule of Kubla Khan.
"Man is born to live, not to prepare for life. "

-- Boris Pasternak, writer

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