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LIMITED RESOURCES: Finite quantities of labor, capital, land, and entrepreneurship available to an economy for the production of goods and services. This is one half of the fundamental problem of scarcity that has plagued humanity since the beginning of time. The other half of the scarcity problem is unlimited wants and needs.
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DECREASING MARGINAL RETURNS In the short-run production of a firm, an increase in the variable input results in a decrease in the marginal product of the variable input. Decreasing marginal returns typically surface after the first few quantities of a variable input are added to a fixed input. This is one of two types of marginal returns. The other is increasing marginal returns. A related phenomenon is diseconomies of scale associated with long-run production.
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RED AGGRESSERINE
[What's This?]
Today, you are likely to spend a great deal of time at an auction wanting to buy either several magazines on home repairs or a remote controlled sports car with an air spoiler. Be on the lookout for jovial bank tellers.
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John Maynard Keynes was born the same year Karl Marx died.
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"Success is where preparation and opportunity meet." -- Bobby Unser, Race car driver
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