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UNLIMITED WANTS AND NEEDS: A characteristic of people such that they are never totally satisfied with the quantity and variety of goods and services. This is one half of the fundamental problem of scarcity that has plagued humanity since the beginning of time. The other half of the scarcity problem is limited resources. Unlimited wants and needs essentially means that people never get "enough"--that there's always something else that they would want or need.
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The CLASS*portal provides access to instructional materials for two courses -- Introductory Macroeconomics and Introductory Microeconomics. Use the information provided by the CLASS*portal as you see fit.
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U-SHAPED COST CURVES The family of short-run cost curves consisting of average total cost, average variable cost, and marginal cost, all of which have U-shapes. Each is U-shaped because it begins with relatively high but falling cost for small quantities of output, reaches a minimum value, then has rising cost at large quantities of output. Although the average fixed cost curve is not U-shaped, it is occasionally included with the other three just for sake of completeness.
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Taming Our Beastly FEDERAL DEFICITIt's almost impossible to take a leisurely stroll around the economy without crashing headlong into the federal deficit. It doesn't take a microscope to see it bulging from the windows and doors of the Sylvester J. Peabody Federal Office Building as we pass by. It's a monstrous beast that seems to be growing by the minute. But is the federal deficit really as ghoulish and gruesome as drawn by political cartoonists? Should we make a detour of our pedestrian trek to avoid the beast? Considering it's size, is avoidance even possible. To answer these question, let's consider the pluses and minuses of our federal deficit.
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WHITE GULLIBON
[What's This?]
Today, you are likely to spend a great deal of time searching for rummage sales looking to buy either a 200-foot blue garden hose or a video camera with stop action features. Be on the lookout for high interest rates.
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This isn't me! What am I?
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Three-forths of the gold mined each year is used to manufacture jewelry.
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"All labor that uplifts humanity has dignity and importance and should be undertaken with painstaking excellence. " -- Martin Luther King Jr., civil rights leader
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MSE
Mean Square Error
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