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LOCAL INPUT: An input that has a relatively small geographic market area due to the high cost of transportation. The high transportation cost means it is easier (that is, less expensive) to locate the production activity near the input rather than trying to bring the input to the production activity. Like many things, local inputs are a matter of degree. At the other end of the spectrum lies transferrable inputs. Natural resources of the land, such as soil fertility, weather conditions, mineral deposits, tend to have the greatest local orientation. Labor and many urban public utilities, such as water distribution and sewage disposable, also tend to fall into the local category.
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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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BLACK DISMALAPOD
[What's This?]
Today, you are likely to spend a great deal of time at a going out of business sale hoping to buy either a bookshelf that will fit in your closet or a birthday greeting card for your grandfather. Be on the lookout for gnomes hiding in cypress trees.
Your Complete Scope
This isn't me! What am I?
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Potato chips were invented in 1853 by a irritated chef repeatedly seeking to appease the hard to please Cornelius Vanderbilt who demanded french fried potatoes that were thinner and crisper than normal.
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"You miss 100% of the shots you never take. " -- Wayne Gretzky, hockey player
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TGE
Tokyo Grain Exchange (Japan)
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