Production Possibility Curve (PPC)
In economics, a production–possibility curve (PPC), is also called a production–possibility frontier (PPF), production-possibility boundary or product transformation curve, is a graph that compares the production rates of two commodities…
Nature of Economics
Nature of economics refers to whether economics is a science or art or both, and if it is a science, whether it is positive science or normative science or both.…
Money Management and Budgeting
Introduction Definitions and Basics ● How to build your first budget, at MSN.com. ● Angelica Trummell, 22, just graduated from college -- and went off the parental dole. Like millions of other…
Technology
Introduction Definitions and Basics ● Technology, at Dictionary.com ● Technology: ○ 1. the branch of knowledge that deals with the creation and use of technical means and their interrelation with life, society, and…
Consumers
Introduction Definitions and Basics ● Consumer, from Answers.com ● Consumer: ● 1. One that consumes, especially one that acquires goods or services for direct use or ownership rather than for resale or use…
Producers
Introduction ● A producer is someone who creates and supplies goods or services. Producers combine labor and capital—called factor inputs or factors of production—to create—that is, to output—something else. Businesses—called "firms"—are…
Entrepreneurs
Introduction ● An entrepreneur is someone who starts up a business. It could be anything from making and selling jewelry on e-Bay, to opening a restaurant, to becoming a consultant, to…
Compound Interest
Introduction Definitions and Basics ● Interest, from the Concise Encyclopedia of Economics ● Interest is the price people pay to have resources now rather than later. Resources, of course, can be anything from…
Credit
Introduction Definitions and Basics ● Credit, from Dictionary.com ● Definition: credit: ○ 5. confidence in a purchaser's ability and intention to pay, displayed by entrusting the buyer with goods or services without immediate…
Government Budget Deficits and Government Debt
Introduction Definitions and Basics ● Government Debt and Deficits, from the Concise Encyclopedia of Economics ● Government debt is the stock of outstanding IOUs issued by the government at any time in the…
