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APP: The abbreviation of average physical product, which is the quantity of total output produced per unit of a variable input, holding all other inputs fixed. Average physical product, usually abbreviated APP, is found by dividing total physical product by the quantity of the variable input. Average physical product is actually just another name for average product (AP). But don't be confused by the extra term (physical).
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DEMAND SPACE The area on or beneath a demand curve that indicates all possible price-quantity combinations acceptable to buyers. Buyers are willing and able to purchase any price-quantity combination that places them on or below the demand curve, but not above.
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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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"Think not of yourself as the architect of your career but as the sculptor. Expect to have to do a lot of hard hammering and chiseling and scraping and polishing. " -- B. C. Forbes, founder, Forbes magazine
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FCLT
Functional Central Limit Theorem
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