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OWNERSHIP AND CONTROL: Ownership means that you have legal "title" to a resource, good, or commodity. Control means that you have the ability to determine how a resource, good, or commodity is used. While it would seem as though these two always go together, such is not the case. People generally have ownership and control over their labor and personal property (clothing, furniture, canned goods, etc.). But in some circumstances ownership is absent of control and control exists without ownership.

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Lesson 1: Economic Basics | Unit 5: Policies Page: 14 of 18

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Because markets are imperfect, government is prompted to intervene with economic policies.
  • Economic policies are government actions designed to affect economic activity and pursue one or more economic goals.
Policies can take the form of:
  • Laws passed by legislatures.
  • Administrative actions taken by elected executives.
  • Rules set forth by government agencies.
  • Decisions made through the courts.
The government has four types of policies.
  • Fiscal policy: Based on government's power to collect taxes from the public and spend those funds as it chooses. Used for income redistribution and macroeconomic performance.
  • Monetary policy: Based on government's centralized control of the money supply. Used for macroeconomic performance.
  • Regulatory policy: Based on government's ability to enact laws, rules and restrictions. Used for efficiency and equity
  • Judicial policy: Based on government's ability to enforce laws through the courts. Used for efficiency and equity

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MARGINAL FACTOR COST CURVE, PERFECT COMPETITION

A curve that graphically represents the relation between marginal factor cost incurred by a perfectly competitive firm for hiring an input and the quantity of input employed. A profit-maximizing perfectly competitive firm hires the quantity of input found at the intersection of the marginal factor cost curve and marginal revenue product curve. The marginal factor cost curve for a perfectly competitive firm with no market control is horizontal.

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Today, you are likely to spend a great deal of time driving to a factory outlet wanting to buy either a turbo-powered vacuum cleaner or a battery-powered, rechargeable vacuum cleaner. Be on the lookout for cardboard boxes.
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Approximately three-fourths of the U.S. paper currency in circular contains traces of cocaine.
"The majority of men meet with failure because of their lack of persistence in creating new plans to take the place of those that fail. "

-- Napoleon Hill, author

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Generalized Least Squares
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