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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.

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PROTECTIONISM

The view that the domestic sector of an economy, its consumers, and its producers should be protected from imports by imposing barriers to foreign trade. This is based on the notion that imports are detrimental to the economy and to its citizens. Protectionism is intended to secure domestic jobs, increase domestic wages, promote domestic production, and create a balance of trade surplus. It usually takes the form of tariffs, import quotas, and assorted non-tariff regulatory barriers.

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Today, you are likely to spend a great deal of time surfing the Internet wanting to buy either galvanized steel storage shelves or a large green chalkboard shaped like the state of Maine. Be on the lookout for high interest rates.
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Ragnar Frisch and Jan Tinbergen were the 1st Nobel Prize winners in Economics in 1969.
"Posterity: you will never know how much it has cost my generation to preserve your freedom. I hope you will make good use of it. "

-- John Quincy Adams, 6th U. S. president

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