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TECHNOLOGICAL PROGRESS: An improvement in the ability to use the factors in the production of goods and services. That is, technological progress is an advance in the technical efficiency with which resources are combined in production. In contrast to factor accumulation, technological progress is an increase not in the quantity of the factor of production, but in the ability to transform the existing ones into output. That is, the ability to produce more output with given inputs or fewer inputs for a given output.
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MARGINAL PRODUCT The change in the quantity of total product resulting from a unit change in a variable input, keeping all other inputs unchanged. Marginal product, usually abbreviated MP, is found by dividing the change in total product by the change in the variable input. Marginal product, which occasionally goes by the alias marginal physical product (MPP), is one of two measures derived from total product. The other is average product.
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It's estimated that the U.S. economy has about $20 million of counterfeit currency in circulation, less than 0.001 perecent of the total legal currency.
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"I love the man who can smile in trouble, who can gather strength from distress and grow brave by reflection. " -- Thomas Paine, statesman
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NYBOR
New York Interbank Offered Rate
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