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HOW?: One of three basic questions of allocation (What? and For Whom? are the other two). Answering the "How?" question of allocation determines how society's limited resources will be combined in the production goods. Do we produce houses with wood or bricks? Do we make cars with automated robots or human labor?
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AVERAGE COST The opportunity cost incurred per unit of good produced. This is calculated by dividing the cost of production by the quantity of output produced. While average cost is a general term relating cost and the quantity of output, three specific average cost terms are average total cost, average variable cost, and average fixed cost. A related cost term is marginal cost.
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WHITE GULLIBON
[What's This?]
Today, you are likely to spend a great deal of time flipping through mail order catalogs trying to buy either a New York Yankees baseball cap or a solid oak entertainment center. Be on the lookout for the happiest person in the room.
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This isn't me! What am I?
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Ragnar Frisch and Jan Tinbergen were the 1st Nobel Prize winners in Economics in 1969.
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"I believe that every right implies a responsibility, every opportunity, an obligation, every possession, a duty. " -- John D. Rockefeller, industrialist
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SPSS
Statistical Product and Service Solutions, Statistical Package for the Social Sciences (software)
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