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OPPORTUNITY COST: The highest valued alternative foregone in the pursuit of an activity. This is a hallmark of anything dealing with economics--and life for that matter--because any action that you take prevents you from doing something else. The ultimate source of opportunity cost is the pervasive problem of scarcity (unlimited wants and needs, but limited resources). Whenever limited resources are used to satisfy one want or need, there are an unlimited number of other wants and needs that remain unsatisfied. Herein lies the essence of opportunity cost. Doing one thing prevents doing another.
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YELLOW CHIPPEROON
Your compete MICRO*scope for today
You are the type of person who is always happy, happy, happy, because you enjoy every second of life. Family and friends know that they can always find you at the shopping mall. Today, you are likely to spend a great deal of time flipping through mail order catalogs trying to buy either a package of blank rewritable CDs or yellow cotton balls. Be on the lookout for empty parking spaces that appear to be near the entrance to a store. You should consider shopping at stores or businesses beginning with the letter V, but do not buy any products with a serial number or product code containing the number 414152. Your preferred shopping venue is shopping malls. Your special symbol is the asterisk (*).
Is this You?
As a Yellow Chipperoon, you are happy, happy, happy. You enjoy everything about life and about shopping. You love shopping. You love buying. You love spending. You love to compare products and prices. You love the crowds. You love chatting with the store clerks. You love every bit of the buying process. Nothing dissuades you from having a good time shopping, whether you're buying a box of facial tissues or a new house. Does it get any better than spending an afternoon at the shopping mall? No way!
This isn't me! What am I?
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AGGREGATE MARKET ANALYSIS An investigation of macroeconomic phenomena, including unemployment, inflation, business cycles, and stabilization policies, using the aggregate market interaction between aggregate demand, short-run aggregate supply, and long-run aggregate supply. Aggregate market analysis, also termed AS-AD analysis, has been the primary method of macroeconomic analysis since replacing Keynesian economics in the 1980s. Like most economic analysis, aggregate market analysis employs comparative statics, the technique of comparing the equilibrium after a shock with the equilibrium before a shock.
Complete Entry | Visit the WEB*pedia |
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My Sales Pitch On ADVERTISINGOur extended sojourn through the winding complexities of the economy has worn the soles from my jogging shoes. For the best bargain on a new pair, let's consult those annoying flyers stuffed into the Sunday newspaper. We're in luck. The Mega-Mart Discount Warehouse Super Center is having their monthly "once in a lifetime" sale on jogging shoes. Without this Mega-Mart Discount Warehouse Super Center advertising supplement, I might have unknowingly paid a higher price for my brand new Fleet Feet Footwear jogging shoes. Isn't advertising wonderful?
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In the late 1800s and early 1900s, almost 2 million children were employed as factory workers.
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"We tend to forget that happiness doesn't come as a result of getting something we don't have, but rather of recognizing and appreciating what we do have." -- Fredrick Koeing
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MRP
Marginal Revenue Product
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