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TOTAL PRODUCT: The total quantity of output produced by a firm for a given quantity of inputs. Total product is the foundation upon which the analysis of short-run production for a firm is analyzed. The usual framework is to analyze total product when in a variable input (labor) changes, for a given amount of a fixed input (capital). Two related concepts derived from total product are average product and marginal product.
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WAGES, AGGREGATE SUPPLY DETERMINANT One of several specific aggregate supply determinants assumed constant when the short-run aggregate supply curve is constructed, and that shifts the short-run aggregate supply curve when it changes. An increase in the wages causes a decrease (leftward shift) of the short-run aggregate supply curve. A decrease in the wages causes an increase (rightward shift) of the short-run aggregate supply curve. Other notable aggregate supply determinants include the technology, energy prices, and the capital stock. Wages are an example of a resource price aggregate supply determinant.
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PINK FADFLY [What's This?]
Today, you are likely to spend a great deal of time touring the new suburban shopping complex looking to buy either a how-to book on home decorating or a set of luggage with wheels. Be on the lookout for attractive cable television service repair people. Your Complete Scope
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It's estimated that the U.S. economy has about $20 million of counterfeit currency in circulation, less than 0.001 perecent of the total legal currency.
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"I don't know the key to success, but the key to failure is trying to please everybody. " -- Bill Cosby
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WLS Weighted Least Squares
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