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GROWTH: The process of increasing the economy's ability to produce goods. Growth is also one of the three macroeconomic goals of an economy (full employment and stability are the other two). Growth is usually measured by increases in gross domestic product or per capita gross domestic product. The main sources of growth are increases in the quantity and quality of the resources. And the primary way of achieving these increases goes by the term investment.
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LONG-RUN PRODUCTION ANALYSIS An analysis of the production decision made by a firm in the long run. The central characteristic of long-run production analysis is that all inputs under the control of the firm are variable. The central principle guiding production in the long run is returns to scale, which indicates how production responds to proportional changes in all inputs. A contrasting analysis is short-run production analysis.
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The earliest known use of paper currency was about 1270 in China during the rule of Kubla Khan.
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"I believe that every right implies a responsibility, every opportunity, an obligation, every possession, a duty. " -- John D. Rockefeller, industrialist
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WAPM
Weak Axiom of Profit Maximization
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