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ECONOMIES OF SCOPE: A production process in which it is cheaper to produce two (or more) products together rather than separately. This property is also termed joint production. For example the production of beef also results in the production of leather and the production of lumber also results in the production of sawdust. Economies of scope can be beneficial, that is, giving a producer multiple products to sell. But it can also be problematic when one of the joint products is undesirable, such as pollution or waste residual.
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AGGREGATE SUPPLY INCREASE, LONG-RUN AGGREGATE MARKET A shock to the long-run aggregate market caused by an increase in aggregate supply, resulting in and illustrated by a rightward shift of the long-run aggregate supply curve. An increase in aggregate supply in the long-run aggregate market results in a decrease in the price level and an increase in real production. The level of real production resulting from the shock is a greater level of full-employment real production.
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ORANGE REBELOON
[What's This?]
Today, you are likely to spend a great deal of time looking for a downtown retail store hoping to buy either a wall poster commemorating yesterday or pink cotton balls. Be on the lookout for vindictive digital clocks with revenge on their minds.
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In the late 1800s and early 1900s, almost 2 million children were employed as factory workers.
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"Don't waste your effort on a thing that results in a petty triumph unless you are satisfied with a life of petty issues. " -- John D. Rockefeller, industrialist
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ATS
Automatic Transfer Service
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