|
|
INCREASING MARGINAL RETURNS: In the short-run production of a firm, an increase in the variable input results in an increase in the marginal product of the variable input. Increasing marginal returns typically surface when the first few quantities of a variable input are added to a fixed input. Compare this with decreasing marginal returns. You should also compare this with economies of scale associated with long-run production.
Visit the GLOSS*arama
|
|
|
|
|
FREE-RIDER PROBLEM A problem underlying the provision of public goods that occurs when a person consumes or benefits from a good without making payment. The free-rider problem is the primary reason that public goods are produced by governments. Because public goods are characterized by the inability to exclude nonpayers, once a public good is produced anyone, everyone, can consume without making payment, that is, get a "free ride." Voluntary payments like those occurring in markets will not provide enough revenue to pay production costs. The only way to finance public goods is to force free-riders, and everyone else, to pay through government taxes. The free-rider problem also applies to common-property goods.
Complete Entry | Visit the WEB*pedia |
|
|
BEIGE MUNDORTLE
[What's This?]
Today, you are likely to spend a great deal of time wandering around the downtown area looking to buy either a birthday greeting card for your mother that doesn't look like a greeting card or a handcrafted spice rack. Be on the lookout for strangers with large satchels of used undergarments.
Your Complete Scope
This isn't me! What am I?
|
|
|
Ragnar Frisch and Jan Tinbergen were the 1st Nobel Prize winners in Economics in 1969.
|
|
|
"Our vision controls the way we think and, therefore, the way we act . . . The vision we have of our jobs determines what we do and the opportunities we see or don't see. " -- Charles Koch, executive
|
|
ERISA
Employee Retirement Income Security Act of 1974
|
|
|
Tell us what you think about AmosWEB. Like what you see? Have suggestions for improvements? Let us know. Click the User Feedback link.
User Feedback
|
|
