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OUTPUT: A generic term for a tangible good or an intangible service that is the end result of the production/resource transformation process. This notion of output, which also goes by the alias product, usually surfaces in the context of analyzing the short-run production of a firm. The short-run relation between a variable input and output is of particular interest because it reveals the law of diminishing marginal returns. This law indicates that additional quantities of a variable input, when added to a fixed input, have decreasing marginal products, or marginal returns.
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LAW OF DIMINISHING MARGINAL RETURNS A principle of short-run production stating that as a firm combines more of a variable input with a fixed input, the marginal product of the variable input eventually declines. This is THE economic principle underlying the analysis of short-run production for a firm. It offers an explanation for the law of supply and the positive slope of the market supply curve.
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RED AGGRESSERINE
[What's This?]
Today, you are likely to spend a great deal of time at an auction wanting to buy either a set of serrated steak knives, with durable plastic handles or a pair of blue silicon oven mitts. Be on the lookout for attractive cable television service repair people.
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Okun's Law posits that the unemployment rate increases by 1% for every 2% gap between real GDP and full-employment real GDP.
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"The secret of a good memory is attention, and attention to a subject depends upon our interest in it. We rarely forget that which has made a deep impression on our minds. " -- Tyron Edwards, theologian
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IBRD
International Bank for Reconstruction and Development
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