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OPEN MARKET: A market, not unlike that stock market, that trades the U.S. Treasury securities that comprises the federal debt. U.S. Treasury securities are low risk and extremely secure financial instruments that are held by all sorts of investors, especially commercial banks. The Federal Reserve System is also a major holder of U.S. Treasury securities and participant in the open market. In fact, the Federal Reserve System used buying and selling of U.S. Treasury securities through the open market as a means of controlling the money, through what is appropriately termed open market operations.

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Lesson 4: Production Possibilities | Unit 3: The Curve Page: 12 of 24

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The slope of the production possibilities frontier is opportunity cost.

What does this have to do with it's distinct, convex shape?

  • The reason is the law of increasing opportunity cost.
  • With few calibrators produced, opportunity cost is low and curve is flat.
  • With many calibrators produced, opportunity cost is high and slope is steep.

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VERY SHORT RUN, MICROECONOMICS

A production period of time in which at all inputs in the production process are fixed, meaning the quantity of output itself is fixed. Also termed market period, the very short run exists if the period is so short that no additional production is possible. In other words, the good has been produced, all that remains is to sell it. This is one of four production time periods used in the study of microeconomics. The other three are short run, long run, and very long run.

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