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JUST IN TIME: A method of production in which inputs used in the production process are delivered to a firm or factory immediately before they are needed. Just in time limits the inventories of raw materials and intermediate goods kept on site. While this is credited with improving microeconomic production efficiency, it might also prevent macroeconomic business-cycle instability that is attributable to the unplanned build-up of business inventories.
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MARGINAL REVENUE PRODUCT AND FACTOR DEMAND A perfectly competitive firm's factor demand curve is that negatively-sloped portion of its marginal revenue product curve. A perfectly competitive firm maximizes profit by hiring the quantity of input that equates factor price and marginal revenue product. As such, the firm moves along its negatively-sloped marginal revenue product curve in response to changing factor prices.
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BLUE PLACIDOLA
[What's This?]
Today, you are likely to spend a great deal of time searching the newspaper want ads trying to buy either a black duffle bag with velcro closures or any book written by Isaac Asimov. Be on the lookout for spoiled cheese hiding under your bed hatching conspiracies against humanity.
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More money is spent on gardening than on any other hobby.
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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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RGDP
Real Gross Domestic Product
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