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PERFECT COMPETITION, PROFIT MAXIMIZATION: A perfectly competitive firm is presumed to produce the quantity of output that maximizes economic profit--the difference between total revenue and total cost. This production decision can be analyzed directly with economic profit, by identifying the greatest difference between total revenue and total cost, or by the equality between marginal revenue and marginal cost.

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Lesson 3: Scarcity | Unit 3: Opportunity Cost Page: 11 of 17

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  • The basic concept of opportunity cost as the highest valued alternative foregone in the pursuit of an activity.
  • How the fact that limited resources have alternative uses intertwines the notion of opportunity cost and the basic problem of scarcity.
  • Why economic cost is synonymous with opportunity cost.
  • Why opportunity cost need not be measured in money terms.
  • The difference between explicit and implicit opportunity cost.

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EURODOLLARS

Deposits denominated in U.S. dollars in banks located outside of the United States or domestic branches of foreign banks. While such deposits originated with European banks, hence the "Euro" part of the name, they can be held by banks from any foreign country. Eurodollars are an attractive investment because they are NOT in U.S. banks and thus are NOT subject to U.S. banking regulations. Eurodollars, along with other institutional investment near monies, are added to M2 to derive M3.

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APLS

GREEN LOGIGUIN
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Today, you are likely to spend a great deal of time calling an endless list of 800 numbers seeking to buy either a half-dozen helium filled balloons or a packet of address labels large enough for addresses of both the sender and the recipient. Be on the lookout for slow moving vehicles with darkened windows.
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This isn't me! What am I?

The portrait on the quarter is a more accurate likeness of George Washington than that on the dollar bill.
"Time is the scarcest resource, and unless it is managed nothing else can be managed."

-- Peter F. Drucker

IGARCH
Integrated Generalized Autoregressive Conditional Heteroskedasticity
A PEDestrian's Guide
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