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BY-PRODUCT: One of two goods that are produced jointly using the same resource--that is, the production of one good automatically triggers the production of the other. Also termed joint products or complements-in-production, the phrase by-product is often used when one of the products is unwanted or of secondary importance. For example, sawdust is generally considered a by-product from producing lumber from trees.
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AVERAGE PRODUCT CURVE A curve that graphically illustrates the relation between average product and the quantity of the variable input, holding all other inputs fixed. This curve indicates the per unit output at each level of the variable input. The average product curve is one of three related curves used in the analysis of the short-run production of a firm. The other two are total product curve and marginal product curve.
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WHITE GULLIBON
[What's This?]
Today, you are likely to spend a great deal of time searching the newspaper want ads trying to buy either a flower arrangement in a coffee cup for your father or a how-to book on meeting people. Be on the lookout for fairy dust that tastes like salt.
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This isn't me! What am I?
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Post WWI induced hyperinflation in German in the early 1900s raised prices by 726 million times from 1918 to 1923.
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"Success without honor is an unseasoned dish; it will satisfy your hunger, but it won't taste good. " -- Joe Paterno, Football coach
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DCE
Domestic Credit Expansion
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