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VARIABLE INPUT: An input whose quantity can be changed in the time period under consideration. This should be immediately compared and contrasted with fixed input. The most common example of a variable input is labor. A variable input provides the extra inputs that a firm needs to expand short-run production. In contrast, a fixed input, like capital, provides the capacity constraint in production. As larger quantities of a variable input, like labor, are added to a fixed input like capital, the variable input becomes less productive. This is, by the way, the law of diminishing marginal returns.
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PHENOMENON An event or action that is subject to investigation, analysis, and explanation using the scientific method. Phenomena are the sorts of things that science seeks to explain. They can be common events, like the blowing wind, or unusual, like the extinction of the dinosaurs.
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WHITE GULLIBON
[What's This?]
Today, you are likely to spend a great deal of time strolling through a department store seeking to buy either a replacement remote control for your television or a replacement nozzle for your shower. Be on the lookout for deranged pelicans.
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A U.S. dime has 118 groves around its edge, one fewer than a U.S. quarter.
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"Do not think a man has done his full duty when he has performed the work assigned him. A man will never rise if he does only this. Promotion comes from exceptional work. " -- Andrew Carnegie, industrialist
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JIE
Journal of Industrial Economics
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