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JOINT PRODUCTION: The simultaneous production of two or more goods from the same resource. For example the production of beef also results in the production of leather and the production of lumber also results in the production of sawdust. Joint production can be beneficial, that is, giving a producer multiple products to sell. But it can also be problematic when one of the joint products is undesirable, such as pollution or waste residuals.
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RISK PREMIUM The difference between a guaranteed or certain income and a risky income that generate the same level of utility. Risk premium is the amount of income that a risk adverse person is willing to pay to avoid the risk. Alternatively, it is the amount of income that a risk loving person is willing to pay to engage in risk. For risk aversion, the risk premium is the amount a person would pay for insurance.
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In 1914, Ford paid workers who were age 22 or older $5 per day -- double the average wage offered by other car factories.
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"The difference between the impossible and the possible lies in a person's determination. " -- Tommy Lasorda
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