|
|
INSTRUMENT: Another term for a financial or legal claim on the physical goods, services, and resources of real side of the economy. Instruments are the means by which income is diverted between household, business, and government sectors. Common instruments are corporate stocks, government bonds, and paper currency.
Visit the GLOSS*arama
|
|
|
|
|
Lesson 4: Production Possibilities | Unit 4: Analysis
|
Page: 16 of 24
|
|
Bundles outside the curve can be achieved through economic growth. Economic growth is the process of increasing the economy's ability to produce goods and expand the production possibilities curve. - Bundle M cannot be reached with existing resources and technology and the current production possibilities frontier.
- The production possibilities frontier only represents a current boundary.
- Expanding resources and technology gives us economic growth. Specifically, we can increase the quantity or quality of resources.
|
|
|
|
|
|
|
AVERAGE PRODUCT CURVE A curve that graphically illustrates the relation between average product and the quantity of the variable input, holding all other inputs fixed. This curve indicates the per unit output at each level of the variable input. The average product curve is one of three related curves used in the analysis of the short-run production of a firm. The other two are total product curve and marginal product curve.
Complete Entry | Visit the WEB*pedia |
|
|
|
Al Capone's business card said he was a used furniture dealer.
|
|
|
"Those who are blessed with the most talent don't necessarily outperform everyone else. It's the people with follow-through who excel. " -- Mary Kay Ash, May Kay Cosmetics founder
|
|
EFT
Electronic Funds Transfer
|
|
|
Tell us what you think about AmosWEB. Like what you see? Have suggestions for improvements? Let us know. Click the User Feedback link.
User Feedback
|
|
