Google
Tuesday 
July 8, 2025 

AmosWEB means Economics with a Touch of Whimsy!

AmosWEBWEB*pediaGLOSS*aramaECON*worldCLASS*portalQUIZ*tasticPED GuideXtra CrediteTutorA*PLS
POTENTIAL GROSS DOMESTIC PRODUCT: The total output that the economy could produce if resources were at full employment. If the economy is at full employment (a 5 percent unemployment rate) then actual gross domestic product is equal to potential gross domestic product. Of course, if the unemployment rate is greater than 5 percent, then actual production is less potential production. By calculating potential gross domestic product, we can figure out exactly how far below this potential we are. This information then can be used by the pointy-headed government economists to recommend appropriate monetary or fiscal policies.

Visit the GLOSS*arama

Most Viewed (Number) Visit the WEB*pedia

Lesson 10: Utility and Demand | Unit 5: Beyond Demand Page: 20 of 21

Topic: Market Supply <=PAGE BACK | PAGE NEXT=>

  • For me to buy a good, someone must be selling.

  • Here's a quick comparison of the demand and supply decisions.

    • Consumers generate utility by consuming goods. Producers generate profit by producing goods.
    • Consumers seek to maximize utility. Producers seek to maximize profit.
    • Consumers make decisions based on marginal utility. Producers make decisions based on marginal product.
    • Consumption decisions are guided by the law of diminishing marginal utility. Production decisions are guided by the law of diminishing marginal returns.
    • Consumers buy more at lower prices because marginal utility is less. Producers sell more at higher prices because marginal product is less.
    • Consumers make decisions that marginal benefits with marginal costs. Producers make decisions that balance marginal benefits with marginal costs.

Course Home | Lesson Menu | Page Back | Page Next

PRIVATE GOODS

Goods characterized by rival consumption and the ability to exclude nonpayers. Private goods are one of four types of goods differentiated by consumption rivalry and nonpayer excludability. The other three goods are public (nonrival consumption and nonpayers cannot be excluded), common-property (rival consumption and nonpayers cannot be excluded), and near-public (nonrival consumption and nonpayers can be excluded). Rival consumption and the ease of excluding of nonpayers means private goods can be efficiently exchanged through markets.

Complete Entry | Visit the WEB*pedia


APLS

RED AGGRESSERINE
[What's This?]

Today, you are likely to spend a great deal of time searching the newspaper want ads looking to buy either a three-hole paper punch or decorative picture frames. Be on the lookout for cardboard boxes.
Your Complete Scope

This isn't me! What am I?

Approximately three-fourths of the U.S. paper currency in circular contains traces of cocaine.
"Progress always involves risk. You can't steal second base and keep your foot on first. "

-- Frederick B. Wilcox

AAO
Authorized Acquisition Objective
A PEDestrian's Guide
Xtra Credit
Tell us what you think about AmosWEB. Like what you see? Have suggestions for improvements? Let us know. Click the User Feedback link.

User Feedback



| AmosWEB | WEB*pedia | GLOSS*arama | ECON*world | CLASS*portal | QUIZ*tastic | PED Guide | Xtra Credit | eTutor | A*PLS |
| About Us | Terms of Use | Privacy Statement |

Thanks for visiting AmosWEB
Copyright ©2000-2025 AmosWEB*LLC
Send comments or questions to: WebMaster