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VALUE ADDED: The increase in the value of a good at each stage of the production process. The value that's being increased is specifically the ability of a good to satisfy wants and needs either directly as a consumption good or indirectly as a capital good. A good that provides greater satisfaction has greater value. In essence, the whole purpose of production is to transform raw materials and natural resources that have relatively little value into goods and services that have greater value.
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UNSTABLE EQUILIBRIUM Equilibrium that is not restored if disrupted by an external force. Few economic models have an equilibrium that is unstable, reflecting the observation that the real world adapts to changes and maintains a fair degree of stability. However, there are situations where an unstable equilibrium more accurately reflects economic phenomena. The alternative to an unstable equilibrium is a stable equilibrium.
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Woodrow Wilson's portrait adorned the $100,000 bill that was removed from circulation in 1929. Woodrow Wilson was removed from circulation in 1924.
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"The greatest things ever done on Earth have been done little by little. " -- William Jennings Bryan
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MPC
Marginal Propensity to Consume
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