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WILLINGNESS TO ACCEPT: The price or dollar amount that someone is willing to receive or accept to give up a good or service. Willingness to accept is the source of the supply price of a good. However, unlike supply price, in which sellers are on the spot of actually giving up a good to receive payment, willingness to accept does not require an actual exchange. This concept is important to benefit-cost analysis, welfare economics, and efficiency criteria, especially Kaldor-Hicks efficiency. A related concept is willingness to pay.
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MARGINAL PRODUCTIVITY THEORY A theory used to analyze the profit-maximizing quantity of inputs (that is, the services of factor of productions) purchased by a firm in the production of output. Marginal-productivity theory indicates that the demand for a factor of production is based on the marginal product of the factor. In particular, a firm is generally willing to pay a higher price for an input that is more productive and contributes more to output. The demand for an input is thus best termed a derived demand.
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GRAY SKITTERY
[What's This?]
Today, you are likely to spend a great deal of time calling an endless list of 800 numbers 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 neighborhood pets, especially belligerent parrots.
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Helping spur the U.S. industrial revolution, Thomas Edison patented nearly 1300 inventions, 300 of which came out of his Menlo Park "invention factory" during a four-year period.
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"Do not think a man has done his full duty when he has performed the work assigned him. A man will never rise if he does only this. Promotion comes from exceptional work. " -- Andrew Carnegie, industrialist
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