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TOTAL PRODUCT: The total quantity of output produced by a firm for a given quantity of inputs. Total product is the foundation upon which the analysis of short-run production for a firm is analyzed. The usual framework is to analyze total product when in a variable input (labor) changes, for a given amount of a fixed input (capital). Two related concepts derived from total product are average product and marginal product.
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Lesson 3: Scarcity | Unit 4: College Cost
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Page: 14 of 17
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- The opportunity cost of a college education.
- Why explicit, out-of-pocket payments are only part of the opportunity cost of an education.
- The importance of implicit opportunity costs, such as foregone earnings or foregone satisfaction, to the total cost of an education.
- Why some college costs, such as room and board, are not opportunity costs or an education.
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ALLOCATION EFFECT A change in the allocation of resources caused by placing taxes on economic activity. By creating disincentives to produce, consume, or exchange, taxes generally alter resource allocations. The allocation effect is typically used when governments seek to discourage the production, consumption, or exchange of particular goods or activities that are deemed undesirable (such as tobacco use or pollution). This is one of two effects of taxation. The other (primary) is the revenue effect, which is the generation of revenue used to finance government operations.
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GREEN LOGIGUIN
[What's This?]
Today, you are likely to spend a great deal of time strolling through a department store trying to buy either an AC adapter that works with your MPG player or rechargeable batteries. Be on the lookout for letters from the Internal Revenue Service.
Your Complete Scope
This isn't me! What am I?
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Only 1% of the U.S. population paid income taxes when the income tax was established in 1914.
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"Be kind and merciful. Let no one ever come to you without coming away better and happier." -- Mother Teresa of Calcutta, humanitarian
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MSE
Minimum Efficient Scale
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