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PERFECT COMPETITION, LONG-RUN EQUILIBRIUM CONDITIONS: The long-run equilibrium of a perfectly competitive industry generates six specific equilibrium conditions, including: (1) economic efficiency (P = MC), (2) profit maximization (MR = MC), (3) perfect competition (MR = AR = P), (4) breakeven output (P = AR = ATC), (5) minimum production cost (MC = ATC), and (6) minimum efficient scale (MC = ATC = LRAC = LRMC).
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FREE RESOURCES: A resource is free if it can produce all of the goods people want or need it to produce... and then some. Being free, however, doesn't mean a resource is not limited. Maybe it's free because people just can"t figure out what to do with it. Or if it is used for production, people don"t want all that's produced. For most of the time across most of this planet air is a free good. In other words, there is plenty of air to go around, plenty of air to satisfy all of the existing wants and needs. Does this mean that air is NOT valuable? Quite the contrary. Air is extremely valuable. It provides one of the most important inputs into human life. It's a free resource because there's enough to go around. See also | scarcity | opportunity cost | goods | services | wants | needs | satisfaction | scarce good | free good | scarce resource |
Recommended Citation:FREE RESOURCES, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2024. [Accessed: May 18, 2024].
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ALLOCATIVE EFFICIENCY Obtaining the most consumer satisfaction from available resources. In other words, resources are allocated in such a way that consumer satisfaction is at its highest possible level. This is also termed either efficiency or economic efficiency.
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BLUE PLACIDOLA
[What's This?]
Today, you are likely to spend a great deal of time searching for rummage sales seeking to buy either a computer that can play video games and burn DVDs or a black duffle bag with velcro closures. Be on the lookout for mail order catalogs with hidden messages.
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This isn't me! What am I?
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In 1914, Ford paid workers who were age 22 or older $5 per day -- double the average wage offered by other car factories.
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"Perhaps the most valuable result of all education is the ability to make yourself do the thing you have to do, when it ought to be done, whether you like it or not; it is the first lesson that ought to be learned; and however early a man's training begins, it is probably the last lesson that he learns thoroughly. " -- Thomas H. Huxley, Scientist
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RATS
Regression Analysis of Time Series (software)
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