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LIVING STANDARD: In principle, an economy's ability to produce the goods and services that consumers use to satisfy their wants and needs. In practice, it is the average real gross domestic product per person--usually given the name per capita real GDP.

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Lesson 10: Utility and Demand | Unit 3: Complex Choices Page: 8 of 21

Topic: Two Goods <=PAGE BACK | PAGE NEXT=>

  • In the real world, my decision would not about going to the beach.
  • I would choose between going to the beach and pursuing other activities.

    The analysis involving the choice of two goods:

    • Time at the beach
    • Time at the amusement park

  • Clearly both activities are enjoyable.
  • I would like to do both.

  • I suspect, however, that I will be facing assorted constraints that will force me to choose, to make a decision.

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FACTOR PAYMENTS

Payments made to scarce resources, or the factors of production (labor, capital, land, and entrepreneurship), in return for productive services. Factor payments are frequently categorized according to the services of the productive resource being rewarded. Wages are paid for the services of labor; interest is the payment for the services of capital, rent is the services for land, and profit is the factor payment to entrepreneurship.

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APLS

BLACK DISMALAPOD
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Today, you are likely to spend a great deal of time at a dollar discount store trying to buy either arch supports for your shoes or an AC adapter that works with your MPG player. Be on the lookout for slow moving vehicles with darkened windows.
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Three-forths of the gold mined each year is used to manufacture jewelry.
"For a writer, published works are like fallen flowers, but the expected new work is like a calyx waiting to blossom."

-- Cao Yu, Playwright

CEEC
Council for European Economic Cooperation
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