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VALUE IN USE: The satisfaction of wants and needs provided by the direct consumption of goods and services. Acquiring value from the use of goods and services is really the ultimate goal of economic activity. It is the final step in the production, allocation, and consumption activities that undertaken to address the fundamental problem of scarcity. Value in use should be contrasted with the similar phrase, value in exchange.
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Lesson 14: Production | Unit 1: Short-Run Production
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Page: 3 of 25
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Topic:
Two Runs: Short And Long
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- The two key time production periods.
- The short run is a production time period in which at least one input is variable and at least one input is fixed.
- The key is that firms produce and supply output on a day-to-day basis by adding variable inputs to fixed inputs.
- The long run is a production time period in which all inputs are variable.
- The long run is a period long enough to alter the quantities of ALL inputs, especially changing the amount of capital or the size of a factory.
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MONETARY POLICY CHANNELS The routes through which monetary policy by the Federal Reserve System affects aggregate production and macroeconomic activity. The six most important monetary policy channels are: interest rate, exchange rate, wealth, equities, bank lending, and balance sheet. These six channels are interdependent and mutually reinforcing. The interest rates channel is usually the most important, but all six channels generally come into play.
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GRAY SKITTERY
[What's This?]
Today, you are likely to spend a great deal of time calling an endless list of 800 numbers wanting to buy either a T-shirt commemorating the first day of spring or a coffee cup commemorating last Friday (you know why). Be on the lookout for fairy dust that tastes like salt.
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This isn't me! What am I?
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A scripophilist is one who collects rare stock and bond certificates, usually from extinct companies.
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"Concentrate all your thoughts upon the work at hand. The sun's rays do not burn until brought to a focus." -- Alexander Graham Bell, inventor
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AP
Average Product
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