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VARIABLE INPUT: An input whose quantity can be changed in the time period under consideration. This should be immediately compared and contrasted with fixed input. The most common example of a variable input is labor. A variable input provides the extra inputs that a firm needs to expand short-run production. In contrast, a fixed input, like capital, provides the capacity constraint in production. As larger quantities of a variable input, like labor, are added to a fixed input like capital, the variable input becomes less productive. This is, by the way, the law of diminishing marginal returns.
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SEVEN ECONOMIC RULES A set of seven fundamental notions that reflect the study of economics and how the economy operates. They are: (1) scarcity, (2) subjectivity, (3) inequality, (4) competition, (5) imperfection, (6) ignorance, and (7) complexity.
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BLUE PLACIDOLA
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Today, you are likely to spend a great deal of time at a flea market seeking to buy either a replacement battery for your pocket calculator or a how-to book on home remodeling. Be on the lookout for slow moving vehicles with darkened windows.
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The 1909 Lincoln penny was the first U.S. coin with the likeness of a U.S. President.
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"The greatest glory in living lies not in never falling, but in rising every time we fall. " -- Nelson Mandela, statesman
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AMEX
American Stock Exchange
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