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HOUSING STARTS: The number of residential buildings (single-family and multi-family) construction units begun during a given time period (usually one month) based on the number of building permits issued. Housing starts are sensitive to interest rate changes and reflect the household sectors willingness to invest in new construction. It is a key indicator of business-cycle activity. More specifically, it is one of the 12 leading economic indicators tracked by the Bureau of Economic Analysis.
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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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PRICE CEILING A legally established maximum price that is imposed on a market BELOW the price that otherwise would be achieved in equilibrium. A price ceiling is placed on a market with the goal of keeping the price low, presumably based on the notion that the equilibrium price is too high. If imposed on a competitive market free of market failures, a price ceiling creates a shortage, or excess demand.
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Al Capone's business card said he was a used furniture dealer.
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"Concentrate all your thoughts upon the work at hand. The sun's rays do not burn until brought to a focus." -- Alexander Graham Bell, inventor
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USDA
United States Department of Agriculture
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