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LONG RUN: In terms of the macroeconomic analysis of the aggregate market, a period of time in which all prices, especially wages, are flexible, and have achieved their equilibrium levels. In terms of the microeconomic analysis of production and supply, a period of time in which all inputs in the production process are variable.
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DERIVATION, PRODUCTION POSSIBILITIES CURVE: A production possibilities curve, which illustrates the alternative combinations of two goods that an economy can produce with given resources and technology, is often derived from a production possibilities schedule. This derivation involves plotting each bundle from the production possibilities schedule as a point in a diagram measuring the two goods on the vertical and horizontal axes. See also | production possibilities | production possibilities curve | production possibilities schedule | opportunity cost, production possibilities | full employment, production possibilities | unemployment, production possibilities | investment, production possibilities | law of increasing opportunity cost | three questions of allocation | graphical analysis | assumptions, production possibilities | technical efficiency | economic efficiency | opportunity cost | full employment | technology | efficiency | economic goals | economic analysis | seven economic rules | distribution standards | scarcity | factors of production | scientific method | economic thinking | fallacies | production cost | law of diminishing marginal returns | short-run production analysis |
Recommended Citation:DERIVATION, PRODUCTION POSSIBILITIES CURVE, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2025. [Accessed: January 25, 2025].
AmosWEB Encyclonomic WEB*pedia:Additional information on this term can be found at: WEB*pedia: derivation, production possibilities curve
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BUREAU OF LABOR STATISTICS An independent agency of the Federal government that collects labor economics data in the United States economy, conducts economic research and analysis, develops and implements estimation methodologies, and disseminates economic statistics to the public. The information produced by the Bureau of Labor Statistics (BLS for short) allows the government, business leaders, researchers, and the public to follow and understand the performance of the U.S. economy, particularly in regard to workers, work places, and families of workers. The BLS also serves as a statistical resource to the U.S. Congress, other Federal agencies, and state and local governments.
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GREEN LOGIGUIN
[What's This?]
Today, you are likely to spend a great deal of time flipping through mail order catalogs hoping to buy either a coffee cup commemorating Thor Heyerdahl's Pacific crossing aboard the Kon-Tiki or a rechargeable battery for your cell phone. Be on the lookout for strangers with large satchels of used undergarments.
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Lombard Street is London's equivalent of New York's Wall Street.
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"The creative is the place where no one else has ever been. the You have to leave the city of your comfort and go into wilderness of your intuition. What you'll discover will be wonderful. What you'll discover will be yourself." -- Alan Alda, Actor
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FAC
Federal Advisory Council
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