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BUSINESS INVENTORIES: Stocks of finished products, intermediate goods, raw materials, and other inputs that businesses have on hand. One big reason to keep inventories is to maintain a continuous stream of production by avoiding any supply shortages. Another big reason is to avoid the loss of sales because finished products are unavailable when a customer is ready, willing, and able to buy.

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Lesson 4: Production Possibilities | Unit 5: Investment Page: 24 of 24

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  • Investment as the fundamental process of giving up current consumption to achieve greater productivity in the future.
  • How the tradeoff between consumption and capital is illustrated by a movement along the production possibilities curve.
  • How the sacrifice of more current consumption to produce more capital leads to a greater outward shift in the production possibilities curve.
  • The importance of economic growth resulting from investment in addressing the fundamental problem of scarcity.


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ECONOMIST

A person who specializes in economics, especially through the study of economic theories and the accumulated body of economic knowledge. Economists spend their working lives at universities, colleges, government agencies, banks, insurance companies, and multinational corporations. They study economic events, analyze government policies, undertake scientific investigations, and of course pass along economic information to eager students and others seeking enlightenment.

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