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AS-AD MODEL: An economic model relating the price level and real production that is used to analyze business cycles, gross domestic product, unemployment, inflation, stabilization policies, and related macroeconomic phenomena. The AS-AD model, inspired by the standard market model, captures the interaction between aggregate demand (the buyers) and short-run and long-run aggregate supply (the sellers).
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INCREASING MARGINAL RETURNS In the short-run production by a firm, an increase in the variable input results in an increase in the marginal product of the variable input. Increasing marginal returns typically surface when the first few quantities of a variable input are added to a fixed input. This is one of two alternatives for marginal returns. The other is decreasing marginal returns. A related phenomenon for long-run production is increasing returns to scale.
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YELLOW CHIPPEROON
[What's This?]
Today, you are likely to spend a great deal of time strolling through a department store hoping to buy either a handcrafted spice rack or a cell phone case. Be on the lookout for florescent light bulbs that hum folk songs from the sixties.
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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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"An organization's ability to learn, and translate that learning into action rapidly, is the ultimate competitive business advantage. " -- Jack Welch, General Electric chief executive
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PIH
Permanent Income Hypothesis
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