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MARKET PERIOD: A period of time in which at all inputs in the production process are fixed, meaning the quantity of output itself is fixed. In other words, you've produced the good, you're not going to produced any more for now, all that remains is to sell it. You should compare market period with short run and production, long run and production, and very long run.

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Lesson 9: Macro Basics | Unit 2: Macro Problems Page: 4 of 16

Topic: The Goals <=PAGE BACK | PAGE NEXT=>

A modern, complex economy like the U.S. economy pursues three macro goals:
  • Full employment: Using all available resources for production.
  • Stability: Avoiding inflation and/or fluctuations in the economy.
  • Growth: Lessening the problem of scarcity by increasing production capabilities.
  • We always pursue these goals but conflicts mean we cannot reach them at the same time.
  • More conflicts result from pursuit of the micro goals of efficiency and equity.
  • Macroeconomic problems from not reaching this goals are: production, unemployment, and inflation.

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TOTAL VARIABLE COST AND MARGINAL COST

A mathematical connection between marginal cost and total variable cost stating that marginal cost IS the slope of the total variable cost curve. This relation between total variable cost and marginal cost is also seen with total cost. The slope of the total cost curve is marginal cost, as well. The relation between total variable cost and marginal cost is but another in the long line of applications of the total-marginal relation.

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Today, you are likely to spend a great deal of time driving to a factory outlet seeking to buy either an electric coffee pot with automatic shutoff or a brown leather attache case. Be on the lookout for bottles of barbeque sauce that act TOO innocent.
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The penny is the only coin minted by the U.S. government in which the "face" on the head looks to the right. All others face left.
"When you play, play hard; when you work, don't play at all. "

-- Theodore Roosevelt, 26th US president

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