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MARGINAL RETURNS: The change in the quantity of total product resulting from a unit change in a variable input, holding all other inputs fixed. You might recognize this as the definition of marginal product. It is. Marginal returns is an older and more generic term for marginal product. While marginal product has largely replaced marginal returns in most discussions of short-run production, the phrase does persist in a few terms like the law of diminishing marginal returns. When you come upon the phrase marginal returns, more often than not, it's probably referring to marginal product.
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WANTS The psychological desires which make life just a little more enjoyable, but which are not biological necessities for life. Psychological wants are often contrasted with physiological needs that make life more enjoyable, but are not essential for existence.
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A lump of pure gold the size of a matchbox can be flattened into a sheet the size of a tennis court!
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"The will to win is important, but the will to prepare is vital. " -- Joe Paterno, football coach
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ME
Montreal Exchange
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