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POLICIES: Government actions designed to affect economic activity and pursue one or more economic goals. Also called government or economic policies. The four common types of policies are: fiscal, monetary, regulatory, and judicial.

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Lesson 14: Production | Unit 1: Short-Run Production Page: 2 of 25

Topic: Two Inputs: Fixed And Variable <=PAGE BACK | PAGE NEXT=>

  • Two different types of inputs -- fixed and variable.

  • A fixed input is an input used in the production of goods and services that does not change in the time period of the analysis.
  • A variable input is an input used in the production of goods and services that does change in the time period of the analysis.
  • For short-run production, the quantity of variable inputs used in production can be changed, but the quantity of fixed inputs can not.

  • Fixed and variable inputs are closely connected to the time period of analysis.

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CONFERENCE BOARD, THE

A private, non-profit, global organization established in 1916 that collects and distributes economic data to assist consumers, business leaders, and government policy makers in their economic decisions. The Conference Board is responsible for compiling the leading, coincident, and lagging economic indicators that are used to track business-cycle activity as well as the widely publicized Consumer Confidence Index. The Conference Board also convenes numerous conferences each year that provide forums to discuss and analyze pressing economic issues.

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Today, you are likely to spend a great deal of time browsing through a long list of dot com websites seeking to buy either a square lamp shade with frills along the bottom or an electric coffee pot with automatic shutoff. Be on the lookout for the last item on a shelf.
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In the late 1800s and early 1900s, almost 2 million children were employed as factory workers.
"If I'm selecting a group, the first thing I look for is a record of achievement . . . If (candidates achieve) in small things, there's a very good chance they'll perform well in big things. "

-- Edmund Hillary, explorer

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