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RESOURCE MARKETS: Market used to exchange the services of resources labor, capital, and natural resources. The value of services exchanged through resource markets each year is measured as national income. Compare financial market, product market.
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LAW OF DIMINISHING MARGINAL RETURNS A principle of short-run production stating that as a firm combines more of a variable input with a fixed input, the marginal product of the variable input eventually declines. This is THE economic principle underlying the analysis of short-run production for a firm. It offers an explanation for the law of supply and the positive slope of the market supply curve.
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WHITE GULLIBON
[What's This?]
Today, you are likely to spend a great deal of time at a garage sale hoping to buy either decorative celebrity figurines or a flower arrangement with anything but tulips for your grandfather. Be on the lookout for the last item on a shelf.
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This isn't me! What am I?
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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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"In order to create there must be a dynamic force, and what force is more potent than love." -- Igor Stravinsky, violinist
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BJE
Bell Journal of Economics
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