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WHAT?: One of three basic questions of allocation (the other two are How? and For Whom?). Answering the 'What?' question of allocation determines the types and quantities of goods and services produced with society's limited resources. Should society produce hammocks or hot fudge sundaes? Computers or Cadillacs? Birdfeed or battleships? The production possibilities analysis sets the stage for answering the 'What?' question.
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VERY SHORT RUN, MICROECONOMICS A production period of time in which at all inputs in the production process are fixed, meaning the quantity of output itself is fixed. Also termed market period, the very short run exists if the period is so short that no additional production is possible. In other words, the good has been produced, all that remains is to sell it. This is one of four production time periods used in the study of microeconomics. The other three are short run, long run, and very long run.
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ORANGE REBELOON
[What's This?]
Today, you are likely to spend a great deal of time calling an endless list of 800 numbers hoping to buy either an extra large beach blanket or a large flower pot shaped like a Greek urn. Be on the lookout for jovial bank tellers.
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This isn't me! What am I?
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John Maynard Keynes was born the same year Karl Marx died.
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"Kites rise highest against the wind, not with it. " -- Winston Churchill, British prime minister
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NBER
National Bureau of Economic Research
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