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POTENTIAL GROSS DOMESTIC PRODUCT: The total output that the economy could produce if resources were at full employment. If the economy is at full employment (a 5 percent unemployment rate) then actual gross domestic product is equal to potential gross domestic product. Of course, if the unemployment rate is greater than 5 percent, then actual production is less potential production. By calculating potential gross domestic product, we can figure out exactly how far below this potential we are. This information then can be used by the pointy-headed government economists to recommend appropriate monetary or fiscal policies.

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Lesson 19: Monopolistic Competition | Unit 3: Output Page: 11 of 22

Topic: The Numbers <=PAGE BACK | PAGE NEXT=>

  • A monopolistic competitive firm is motivated by profit maximization.

  • Profit maximization is the presumption that firms make decisions and undertake production to achieve the highest possible level of economic profit, which is the difference between total revenue and total opportunity cost (including a normal profit).
  • With these numbers in place, the firm's profit-maximizing task is relatively straightforward -- to pick the production quantity associated with the highest amount of profit.

  • Three ways:

    • The Total Approach

    • Profit

    • The Marginal Approach

  • In all likelihood the firm will go ahead and produce the sixth unit. However, it will not produce the eighth unit.


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M1

The narrow-range monetary aggregate for the U.S. economy containing the combination of currency (and coins) issued by government and held by the nonbank public and checkable deposits issued by banking institutions. M1 contains the two items that function as THE medium of exchange for the U.S. economy. M1 is one of three monetary aggregates tracked and reported by the Federal Reserve System. The other two are designated M2 and M3.

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BROWN PRAGMATOX
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Today, you are likely to spend a great deal of time visiting every yard sale in a 30-mile radius wanting to buy either a pair of designer sunglasses or looseleaf notebook paper. Be on the lookout for bottles of barbeque sauce that act TOO innocent.
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A communal society, a prime component of Karl Marx's communist philosophy, was advocated by the Greek philosophy Plato.
"I can feel guilty about the past, apprehensive about the future, but only in the present can I act."

-- Abraham Maslow, Psychologist

AFBD
Association of Futures Brokers and Dealers (UK)
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