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MARGINAL COST AND DIMINISHING MARGINAL RETURNS: Decreasing then increasing marginal cost that gives rise to a U-shaped marginal cost curve reflects increasing then decreasing marginal returns. In particular the decreasing marginal returns is caused by the law of diminishing marginal returns. As such, the law of diminishing marginal returns affects not only the short-run production of a firm but also the cost of production in the short run.
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SCARCE RESOURCE A resource with an available quantity less than its desired use. Scarce, or economic, resources are also called factors of production and are generally classified as either labor, capital, land, or entrepreneurship. Scarce resources are the workers, equipment, raw materials, and organizers used to produce scarce goods. Like the more general society-wide condition of scarcity, a given resource falls into the scarce category because it has a limited availability in combination with greater (potentially unlimited) productive uses.
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YELLOW CHIPPEROON
[What's This?]
Today, you are likely to spend a great deal of time flipping through mail order catalogs hoping to buy either a birthday greeting card for your grandfather or a weathervane with a cow on top. Be on the lookout for letters from the Internal Revenue Service.
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This isn't me! What am I?
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The Dow Jones family of stock market price indexes began with a simple average of 11 stock prices in 1884.
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"It is not the brains that matter most, but that which guides them ‚ the character, the heart, the generous qualities, progressive ideas. " -- Fyodor Dostoyevsky - Writer
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IGARCH
Integrated Generalized Autoregressive Conditional Heteroskedasticity
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