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DOMESTIC: Anything that has to do with activity within the boundaries of a nation. This should be directly contrasted with the term foreign, which refers to anything beyond the boundaries of a nation.
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Lesson 4: Production Possibilities | Unit 4: Analysis
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Page: 18 of 24
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- How full employment is represented by any bundle ON the production possibilities curve and unemployment is represented by any bundle INSIDE the production possibilities curve.
- The production possibilities curve as a frontier or boundary that cannot be cross give current quantities and qualities of resources.
- How the process of economic growth expands the production possibilities curve to reach previously unreachable bundles of goods.
- How economic growth is achieved by increasing the quantity or quality of resources.
- Five important sources of economic growth-the quantity of labor, the quantity of capital, the quantity of materials, education, and technology.
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IN-KIND PAYMENTS A payment, usually in exchange for the productive efforts of resources, that takes the form of goods and services produced by the resource buyer rather than the economy's standard monetary unit (that is, dollars). In other words, resource owners are compensated with a portion of the output that they help to produce. The standard method of compensation, which is illustrated by the circular flow model, is for a firm to pay resource owners using money revenue received from selling its production. Hence most factor payments are monetary payments. However, in some circumstances firms and resource owners find it more convenient to use actual production for compensation, eliminating the sell-production-for-money step.
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GRAY SKITTERY
[What's This?]
Today, you are likely to spend a great deal of time strolling around a discount warehouse buying club wanting to buy either a tall storage cabinet with five shelves and a secure lock or a birthday greeting card for your grandmother. Be on the lookout for cardboard boxes.
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Much of the $15 million used by the United States to finance the Louisiana Purchase from France was borrowed from European banks.
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"The past is a foreign country; they do things differently there." -- Leslie Poles Hartley, Writer
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M&O
Management and Organization
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