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ABSOLUTE POVERTY LEVEL: The amount of income a person or family needs to purchase an absolute amount of the basic necessities of life. These basic necessities are identified in terms of calories of food, BTUs of energy, square feet of living space, etc. The problem with the absolute poverty level is that there really are no absolutes when in comes to consuming goods. You can consume a given poverty level of calories eating relatively expensive steak, relatively inexpensive pasta, or garbage from a restaurant dumpster. The income needed to acquire each of these calorie "minimums" vary greatly. That's why some prefer a relative poverty level.
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MARGINAL PRODUCTIVITY THEORY A theory used to analyze the profit-maximizing quantity of inputs (that is, the services of factor of productions) purchased by a firm in the production of output. Marginal-productivity theory indicates that the demand for a factor of production is based on the marginal product of the factor. In particular, a firm is generally willing to pay a higher price for an input that is more productive and contributes more to output. The demand for an input is thus best termed a derived demand.
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YELLOW CHIPPEROON
[What's This?]
Today, you are likely to spend a great deal of time browsing about a thrift store looking to buy either a black duffle bag with velcro closures or any book written by Isaac Asimov. Be on the lookout for letters from the Internal Revenue Service.
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This isn't me! What am I?
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Lombard Street is London's equivalent of New York's Wall Street.
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"It has been my philosophy of life that difficulties vanish when faced boldly. " -- Isaac Asimov
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ACT
Advance Corporation Tax
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