|
|
FACTOR ACCUMULATION: An increase in the quantity of the four basic factors used to produce goods and services in the economy--labor, capital, land, and entrepreneurship. Increases in these "factors of production" enable an economy to produce more goods and services and therefore the long-run expansion of the economy's ability to produce output--that is, economic growth. Economic growth however, is made possible not only by increasing the quantity of the economy's resources, but also by increasing their quality.
Visit the GLOSS*arama
|
|
|
|
|
Lesson 10: Utility and Demand | Unit 2: A Simple Choice
|
Page: 6 of 21
|
|
Topic:
Demand For A Good
|
|
|
- Demand captures changes in quantity demanded resulting from changes in the price.
Let's take stock of what has happened:- The price of beach admission has declined from $1 per hour to $0.50 per hour.
- The quantity demanded of beach time has increased from 2 hours to 4 hours.
- Total utility has increased from 22 utils to 36 utils because a larger quantity has been consumed.
- Marginal utility has decreased from 10 utils to 6 utils, again because a larger quantity has been consumed and the law of diminishing marginal returns has been at work.
- In conclusion, the lower price of admission has allowed me to purchase a larger quantity of beach time with a given income.
|
|
|
|
|
|
|
M3 The wide-range monetary aggregate for the U.S. economy containing the combination of M2 (currency, checkable deposits, and assorted savings deposits) and large-denomination, institutional near monies. M3 contains financial assets that are relatively liquid, but not quite as liquid as those found in M1 or M2. The near monies added to M2 to derive M3 include large denomination certificates of deposit, institutional money market mutual funds, repurchase agreements, and Eurodollars. M3 is one of three monetary aggregates tracked and reported by the Federal Reserve System. The other two are designated M1 and M2.
Complete Entry | Visit the WEB*pedia |
|
|
PURPLE SMARPHIN
[What's This?]
Today, you are likely to spend a great deal of time watching infomercials wanting to buy either a T-shirt commemorating yesterday or a pair of handcrafted oven mitts. Be on the lookout for letters from the Internal Revenue Service.
Your Complete Scope
This isn't me! What am I?
|
|
|
Potato chips were invented in 1853 by a irritated chef repeatedly seeking to appease the hard to please Cornelius Vanderbilt who demanded french fried potatoes that were thinner and crisper than normal.
|
|
|
"Managing intellectual assets has become the single most important task of business. " -- Thomas Stewart, author
|
|
LS
Least Squares
|
|
|
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
|
|
