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TP: The abbreviation for total product, which is the total quantity of output produced by a firm for a given quantity of inputs. Total product is the foundation upon which the analysis of short-run production for a firm is analyzed. The usual framework is to analyze total product when in a variable input (labor) changes, for a given amount of a fixed input (capital). Two related concepts derived from total product are average product and marginal product.
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GOVERNMENT ENTERPRISES Government owned and operated productive activities that operate much like private sector firms. They hire resources and purchase other inputs, then produce goods sold through markets. In some cases, government enterprises compete directly with private firms. One common example of a government enterprise is a city-operated electrical generation and distribution system. In some cities, this service is provided by private, for-profit, businesses. In other cities it is provided by government. Other examples of government enterprises include urban transportation systems, parks and recreational facilities, and communication systems.
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ORANGE REBELOON
[What's This?]
Today, you are likely to spend a great deal of time wandering around the shopping mall wanting to buy either a birthday gift for your grandmother or a T-shirt commemorating yesterday. Be on the lookout for spoiled cheese hiding under your bed hatching conspiracies against humanity.
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Lombard Street is London's equivalent of New York's Wall Street.
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"Success is going from failure to failure without a loss of enthusiasm. " -- Winston Churchill, British statesman
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WE
Walrasian Equilibrium
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