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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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FALLACY OF MASS APPEAL The logical fallacy of arguing that something is "correct" or "true" because a majority of the population thinks so. This is commonly used by both advertisers and politicians. Just because something is popular, does not mean it is "right." In fact, a cynic might argue that being popular probably makes it "wrong."
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RED AGGRESSERINE
[What's This?]
Today, you are likely to spend a great deal of time strolling through a department store trying to buy either a 50-foot blue garden hose or a turbo-powered vacuum cleaner. Be on the lookout for slightly overweight pizza delivery guys.
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Natural gas has no odor. The smell is added artificially so that leaks can be detected.
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"Long-range goals keep you from being frustrated by short-term failures " -- J. C. Penney, Retailer
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LAN
Locally Asymptotically Normal
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