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OPPORTUNITY COST, PRODUCTION POSSIBILITIES: The production possibilities analysis, which is the alternative combinations of two goods that an economy can produce with given resources and technology, can be used to illustrate opportunity cost--the highest valued alternative foregone in the pursuit of an activity.
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LONG-RUN AVERAGE COST CURVE, DERIVATION The long-run average cost curve is the envelope of an infinite number of short-run average total cost curves, with each short-run average total cost curve tangent to, or just touching, the long-run average cost curve at a single point corresponding to a single output quantity. The key to the derivation of the long-run average cost curve is that each short-run average total cost curve is constructed based on a given amount of the fixed input, usually capital. As such, when the quantity of the fixed input changes, the short-run average total cost curve shifts to a new location.
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WHITE GULLIBON
[What's This?]
Today, you are likely to spend a great deal of time at a going out of business sale trying to buy either income tax software or a how-to book on the art of negotiation. Be on the lookout for malfunctioning pocket calculators.
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The first paper currency used in North America was pasteboard playing cards "temporarily" authorized as money by the colonial governor of French Canada, awaiting "real money" from France.
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"To sit back and let fate play its hand out, and never influence it, is not the way man was meant to operate." -- John Glenn, astronaut, U.S. senator
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NI
National Income, Net Income
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