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AGGREGATE PRODUCTION FUNCTION: A relation between the total production of real output for an economy and the amount of labor input. The aggregate production function is comparable to the standard production function used in the microeconomic analysis of firm behavior but is applied to the macroeconomic study of aggregate supply, resource markets, and employment. It is typically assumed to experience diminishing marginal returns, resulting in a decreasing marginal product of labor.
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DOUBLE COUNTING The act of including the value of intermediate goods more than once in the value of gross domestic product. Because the value, or price, of final goods includes the cost, or value, of all intermediate goods used in production, including market transactions for intermediate goods separately in the measurement of gross domestic product leads to double counting.
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In his older years, Andrew Carnegie seldom carried money because he was offended by its sight and touch.
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"Do not go where the path may lead, go instead where there is no path and leave a trail." -- Ralph Waldo Emerson
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WACM
Weak Axiom of Cost Minimization
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