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TECHNOLOGICAL PROGRESS: An improvement in the ability to use the factors in the production of goods and services. That is, technological progress is an advance in the technical efficiency with which resources are combined in production. In contrast to factor accumulation, technological progress is an increase not in the quantity of the factor of production, but in the ability to transform the existing ones into output. That is, the ability to produce more output with given inputs or fewer inputs for a given output.
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Lesson 2: Economic Science | Unit 2: Theory
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Page: 6 of 20
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Economic theories are abstractions of the real world.
Three ways to abstract:- Words. The earliest human method of abstraction was to represent objects with words. Words also represent ideas. But words can have different meanings.
- Graphs. Pictures, especially graphical pictures. Many economic theories are abstractly represented with graphs. A picture or graph can be less confusing that words.
- Equations. Graphs are two-dimensional pictures of mathematical equations. Economic theories are often abstractly represented by equations. Equations can represent relationships between three or more things, like that for X, Y and Z:
Y = 3 + 2X - 4Z
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AGGREGATE EXPENDITURES DETERMINANTS Ceteris paribus factors, other than aggregate income or production, that are held constant when the aggregate expenditures line is constructed and which cause the aggregate expenditures line to shift when they change. Some of the more important aggregate expenditures determinants are interest rates, expectations, fiscal policy, wealth, and exchange rates.
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PINK FADFLY
[What's This?]
Today, you are likely to spend a great deal of time going from convenience store to convenience store seeking to buy either a decorative windchime with plastic or a flower arrangement for that special day for your mother. Be on the lookout for deranged pelicans.
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This isn't me! What am I?
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The penny is the only coin minted by the U.S. government in which the "face" on the head looks to the right. All others face left.
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"You miss 100% of the shots you never take. " -- Wayne Gretzky, hockey player
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MCP
Marginal Cost Pricing
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