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LOCKOUT: A plant or factory that is closed temporarily, because it's owners are trying to gain a negotiating advantage over the employees' union. A lockout is commonly used by a company's management if they suspect the union is planning to strike. A lockout by management before the union strikes is much like a pre-emptive military attach that tries to hit the enemy hard, fast, and first.
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Lesson 3: Scarcity | Unit 1: The Concept
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- Scarcity is the pervasive condition that exists because society has unlimited wants and needs, but limited resources used for their satisfaction.
Meaning:- We can't have everything because resources are limited.
Unlimited wants and needs are half of the scarcity problem.- Unlimited wants and needs are what motivate us to take action, to produce goods, and to advance our well-being.
- We are motivated to do things that satisfy these wants and needs. Satisfaction is achieved when wants and needs are fulfilled.
- Scarcity results because wants and needs are unlimited. No one has ever been completely satisfied. We always want more.
Limited resources are the other half of our scarcity problem. - Resources are the stuff that we use to produce the goods that fulfill our wants and needs.
- Resources are the things that make satisfaction possible.
- Resources are limited. We have only so much 'stuff' than can be used to produce the goods that satisfy our wants and needs.
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TOTAL REVENUE CURVE, PERFECT COMPETITION A curve that graphically represents the relation between the total revenue received by a perfectly competitive firm for selling its output and the quantity of output sold. It is combined with a perfectly competitive firm's total cost curve to determine economic profit and the profit maximizing level of production. The slope of the total revenue curve is marginal revenue.
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YELLOW CHIPPEROON
[What's This?]
Today, you are likely to spend a great deal of time at a crowded estate auction seeking to buy either a coffee cup commemorating the 1960 Presidential election or a how-to book on fixing your computer, with illustrations. Be on the lookout for poorly written technical manuals.
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A communal society, a prime component of Karl Marx's communist philosophy, was advocated by the Greek philosophy Plato.
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"A leader, once convinced that a particular course of action is the right one, must . . . be undaunted when the going gets tough." -- President Ronald Reagan
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AS
Aggregate Supply
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