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AP: The abbreviation for average product, which is the quantity of total output produced per unit of a variable input, holding all other inputs fixed. It is found by dividing total product by the quantity of the variable input. Average product, abbreviated AP also goes by the alias of average physical product (APP), so don't be confused by the extra term (physical).

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FIRST RULE OF SCARCITY

The first of seven basic rules of the economy, stating that the world is faced with limited resources but unlimited wants and needs satisfied from these resources. Scarcity is THE economy problem upon which the entire study of economics is built. A primary implication of scarcity is that the pursuit of an activity results in an opportunity cost.

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APLS

PURPLE SMARPHIN
[What's This?]

Today, you are likely to spend a great deal of time at a dollar discount store wanting to buy either a cell phone case or a pair of designer sunglasses. Be on the lookout for infected paper cuts.
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This isn't me! What am I?

Two and a half gallons of oil are needed to produce one automobile tire.
"The only profit center is the customer. "

-- Peter Drucker, management consultant

JPAM
Journal of Policy Analysis and Management
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