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ECONOMIC GOAL: One of five basic conditions of the mixed economy that is generally desired by society. We typically divide these five into macro goals (full employment, stability and economic growth) and micro goals (efficiency and equity).

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Lesson 15: Cost | Unit 3: Four More Measures Page: 11 of 24

Topic: A Table Of Averages <=PAGE BACK | PAGE NEXT=>

This table presents the three total cost measures used to calculated the three corresponding averages.
  • First, note that the quantity values presented in the table are the number of units produced each minute.

  • Second, the second column presents total fixed cost (TFC), which is constant at $3.00.

  • Third, the third column presents total variable cost (TVC), which rises from a low of $0 to a high of $43.00.

  • Fourth, the fourth column is total cost (TC), which rises from $3.00 to $46.00.


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AUTONOMOUS SAVING

Household saving that does not depend on income or production (especially disposable income, national income, or even gross domestic product). That is, changes in income do not generate changes in saving. Autonomous saving is best thought of as a baseline level of saving (usually negative) that the household sector undertakes in the unlikely event that income falls to zero. It is measured by the intercept term of the saving function or the saving line. The alternative to autonomous saving is induced saving, which does depend on income.

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BROWN PRAGMATOX
[What's This?]

Today, you are likely to spend a great deal of time searching for rummage sales looking to buy either income tax software or a how-to book on the art of negotiation. Be on the lookout for strangers with large satchels of used undergarments.
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This isn't me! What am I?

A lump of pure gold the size of a matchbox can be flattened into a sheet the size of a tennis court!
"Good judgment comes from experience, and often experience comes from bad judgment."

-- Rita Mae Brown ‚ Writer

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National Economic Development Office
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