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GROWTH RATE: The percentage change in a variable from one year to the next. The growth rate, in effect, measures how much the variable is growing over time. In that economists (as well as regular human people) are quite interested in economic growth, progress, and a lessening of the scarcity problem, growth rates for different economic variables are closely scrutinized. Among the most important are: real gross domestic product, population, and per capita income. Growth rates are important not only for the analysis of long-run progress (economic growth, economic development), but also short-run instability (business cycles)
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TOTAL VARIABLE COST AND TOTAL PRODUCT Because variable cost is largely associated with the cost of employing at least one variable input in the short run, the total variable cost curve can be derived from the total product curve. This admittedly simplistic connection between total product and total variable cost is designed to illustrate the fundamental role that the law of diminishing marginal returns plays in the slope and shape of the total variable cost curve. Because he slope of the total variable cost curve, which is also the slope of the total cost curve, is marginal cost, this analysis also indicates how the law of diminishing marginal returns relates to marginal cost.
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GRAY SKITTERY
[What's This?]
Today, you are likely to spend a great deal of time driving to a factory outlet wanting to buy either a video camera with stop action features or one of those memory foam pillows. Be on the lookout for small children selling products door-to-door.
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This isn't me! What am I?
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Lombard Street is London's equivalent of New York's Wall Street.
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"Rowing harder doesn't help if the boat is headed in the wrong direction. " -- Kenichi Ohmae, management consultant
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AACCLA
Association of American Chambers of Commerce in Latin America
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