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CHANGE IN INVENTORIES: The increase or decrease in the stocks of final goods, intermediate goods, raw materials, and other inputs that businesses keep on hand to use in production the occur because aggregate expenditures are not equal to aggregate output. Inventory changes play a key role in the Keynesian economics and the analysis of macroeconomic equilibrium. When inventory changes are zero, then aggregate expenditures are equal to aggregate output and there is no reason for the business sector to change the rate of production. Hence this is equilibrium.
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TOTAL PRODUCT AND MARGINAL PRODUCT A mathematical connection between marginal product and total product stating that marginal product IS the slope of the total product curve. If the total product curve has a positive slope (that is, is upward sloping), then marginal product is positive. If the total product curve has a negative slope (downward sloping), then marginal product is negative. If the total product curve has a zero slope (horizontal), then marginal product is zero.
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RED AGGRESSERINE
[What's This?]
Today, you are likely to spend a great deal of time wandering around the downtown area trying to buy either a case for your designer sunglasses or arch supports for your shoes. Be on the lookout for the last item on a shelf.
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Francis Bacon (1561-1626), a champion of the scientific method, died when he caught a severe cold while attempting to preserve a chicken by filling it with snow.
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"As is our confidence, so is our capacity. " -- William Hazlitt, essayist
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NTB
Non-Tariff Barrier
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