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PERFECT COMPETITION, SHUTDOWN: A perfectly competitive firm is presumed to shutdown production and produce no output in the short run, if price is less than average variable cost. This is one of three short-run production alternatives facing a firm. The other two are profit maximization (if price exceeds average total cost) and loss minimization (if price is greater than average variable cost but less than average total cost).
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Lesson 22: Factor Supply | Unit 2: Resources
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Page: 7 of 25
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Topic:
Alike But Different
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- Differences might very well exist in the supply relations for the various resources.
- Let's briefly consider a few features of the four factors.
- Labor: The person can not be separated from the resource.
- Capital: The supply and demand of capital services are often controlled by the same decision maker.
- Land: Land provides two distinct types of productive services -- space and materials.
- Entrepreneurship: The central feature of entrepreneurship is the risk involved in organizing production.
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MIXED ECONOMY An economy, or economic system, that relies on both markets and governments to allocate resources. Every economy in the real world regardless of their common designation (such as capitalism, socialism, or communism) make use of both markets and governments and is technically a mixed economy.
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BLUE PLACIDOLA
[What's This?]
Today, you are likely to spend a great deal of time at a crowded estate auction hoping to buy either a coffee cup commemorating last Friday (you know why) or a wall poster commemorating the first day of spring. Be on the lookout for small children selling products door-to-door.
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This isn't me! What am I?
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Francis Bacon (1561-1626), a champion of the scientific method, died when he caught a severe cold while attempting to preserve a chicken by filling it with snow.
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"It is not the straining for great things that is most effective; it is the doing of the little things, the common duties, a little better and better." -- Elizabeth Stuart Phelps, Writer
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CAR
Cumulative Average Return
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