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NATURAL UNEMPLOYMENT: The combination of frictional and structural unemployment that persists in an efficient, expanding economy when labor and resource markets are in equilibrium. Natural unemployment exists when the economy is at full employment, which for practical purposes is defined as the condition in which the quantity of resources demanded is equal to the quantity of resources supplied. Most important for policy purposes, natural employment exists with stable prices, that is, no inflation.
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STAGES OF PRODUCTION: The three stages of production characterized by the slope and shape of the total product curve. The first stage is characterized by an increasingly positive slope. The second stage by a decreasingly positive slope. And the third stage by a negative slope. Because the slope of the total product curve IS marginal product, these three stages are also seen with marginal product. In Stage I, marginal product is positive and increasing. In Stage II, marginal product is positive, but decreasing. And in Stage III, marginal product is negative. See also | short-run production | total product | marginal product | average product | law of diminishing marginal returns | increasing marginal returns | decreasing marginal returns |
Recommended Citation:STAGES OF PRODUCTION, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2024. [Accessed: May 18, 2024].
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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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BLUE PLACIDOLA
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Today, you are likely to spend a great deal of time searching for rummage sales seeking to buy either a computer that can play video games and burn DVDs or a black duffle bag with velcro closures. Be on the lookout for mail order catalogs with hidden messages.
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Helping spur the U.S. industrial revolution, Thomas Edison patented nearly 1300 inventions, 300 of which came out of his Menlo Park "invention factory" during a four-year period.
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"Perhaps the most valuable result of all education is the ability to make yourself do the thing you have to do, when it ought to be done, whether you like it or not; it is the first lesson that ought to be learned; and however early a man's training begins, it is probably the last lesson that he learns thoroughly. " -- Thomas H. Huxley, Scientist
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MP
Marginal Product
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