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FIRST RULE OF SCARCITY: The first of seven basic rules of the economy. It is the fundamental fact of economic life that he world is faced with limited resources but unlimited wants and needs satisfied from these resources.
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MARGINAL REVENUE PRODUCT CURVE A curve that graphically illustrates the relation between marginal revenue product and the quantity of the variable input, holding all other inputs fixed. This curve indicates the incremental change in total revenue for incremental changes in the variable input. The marginal revenue product curve plays a key role in marginal productivity theory and the economic analysis of factor markets.
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BLACK DISMALAPOD
[What's This?]
Today, you are likely to spend a great deal of time looking for the new strip mall out on the highway looking to buy either a birthday gift for your grandmother or a T-shirt commemorating yesterday. Be on the lookout for florescent light bulbs that hum folk songs from the sixties.
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This isn't me! What am I?
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John Maynard Keynes was born the same year Karl Marx died.
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"Believe one who has tried it. " -- Virgil, Roman poet
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MSCI
Morgan Stanley Capital Index
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