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LAW OF DIMINISHING MARGINAL RETURNS: A principle stating that as more and more of a variable input is combined with a fixed input in short-run production, the marginal product of the variable input eventually declines. This is THE economic principle underlying the analysis of short-run production for a firm. Among a host of other things, it offers an explanation for the upward-sloping market supply curve. How does the law of diminishing marginal returns help us understand supply? The law of supply and the upward-sloping supply curve indicate that a firm needs to receive higher prices to produce and sell larger quantities. Why do they need higher prices?
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BUSINESS CYCLES The recurring, but irregular, expansions and contractions of economic activity in the macroeconomy. While business cycles are frequently measured by real gross domestic product, they show up in many aggregate measures of economic activity, including the unemployment rate, the inflation rate, consumption expenditures, and tax collections, to name just a few. The study of macroeconomics is largely the study of business cycles. Macroeconomic theories seek to understand business cycles and macroeconomic policies seek to correct the problems of business cycles.
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PURPLE SMARPHIN
[What's This?]
Today, you are likely to spend a great deal of time browsing through a long list of dot com websites hoping to buy either a wall poster commemorating the 2000 Presidential election or a rechargeable flashlight. Be on the lookout for strangers with large satchels of used undergarments.
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This isn't me! What am I?
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Before 1933, the U.S. dime was legal as payment only in transactions of $10 or less.
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"He, who every morning plans the transactions of the day, and follows that plan, carries a thread that will guide him through a labyrinth of the most busy life." -- Victor Hugo, Writer
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SPSS
Statistical Product and Service Solutions, Statistical Package for the Social Sciences (software)
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