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L: This has two common uses. One is as the standard abbreviation for the quantity of labor, especially for the analysis of production. The complementary representations for other inputs are "K" for capital and "N" for population. The second is as the broadest monetary aggregate for the U.S. economy tracked by the Federal Reserve System, best thought of as total liquid assets. It was since be discontinued. In it's heyday, it was comprised of everything in M3 plus other liquid assets, including U.S. Treasury bills, commercial paper, and savings bonds. L was typically 15 to percent higher than M3 and seven times as much as M1. The Federal Reserve System discontinued this measurement in 1998.
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LAW OF INCREASING OPPORTUNITY COST The proposition that opportunity cost, the value of foregone production, increases as the quantity of a good produced increases. This fundamental economic principles can be seen in the production possibilities schedule and is illustrated graphically through the slope of the production possibilities curve. It generates a distinctive convex shape, flat at the top and steep at the bottom.
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PURPLE SMARPHIN
[What's This?]
Today, you are likely to spend a great deal of time going from convenience store to convenience store hoping to buy either a pair of gray heavy duty boot socks or a 50-foot blue garden hose. Be on the lookout for high interest rates.
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Rosemary, long associated with remembrance, was worn as wreaths by students in ancient Greece during exams.
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"Everyone is bound to bear patiently the results of his own example. " -- Phaedrus, Philosopher
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AAT
Association of Accounting Technicians
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