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MARKET DEMAND: The total demand of every individual willing and able to buy a good. Market demand is found by combining the individual demands of everyone willing and able to buy a particular good. The market demand curve is found by horizontally adding all individual demand curves, that is, sum up the quantities demanded by all buyers at each and every price. Market demand operates according to the law of demand, as illustrated by a downward-sloping market demand curve. For higher prices the quantity demanded by all buyers in the market combined is less than the quantity demanded for lower prices.
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PRODUCTION FUNCTION A mathematical relation between the production of a good or service and the inputs used. A production function captures the general relation between total production and one or more inputs. The standard production function includes labor and capital as the inputs. However, a production function is general enough that any number of inputs can be included
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The standard "debt" notation I.O.U. does not mean "I owe you," but actually stands for "I owe unto..."
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"Those who are blessed with the most talent don't necessarily outperform everyone else. It's the people with follow-through who excel. " -- Mary Kay Ash, May Kay Cosmetics founder
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TFP
otal Factor Productivity
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