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MARGINAL PRODUCT CURVE: A curve that graphically illustrates the relation between marginal product and the quantity of the variable input, holding all other inputs fixed. This curve indicates the incremental change in output at each level of the variable input. The marginal product curve is one of three related curves used in the analysis of the short-run production of a firm. The other two are total product curve and average product curve. The marginal product curve plays in key role in the economic analysis of short-run production by a firm in large part because economists are generally obsessed with marginal changes in production.
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ABSTRACTION Simplifying the complexities of the real world by ignoring (hopefully) unimportant details while doing economic analysis. Abstraction is an essential feature of the scientific method. Hypothesis verification, model construction, and comparative static analysis are not possible without abstraction.
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PINK FADFLY
[What's This?]
Today, you are likely to spend a great deal of time at a crowded estate auction trying to buy either a remote controlled ceiling fan or a how-to book on home decorating. Be on the lookout for celebrities who speak directly to you through your television.
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In the Middle Ages, pepper was used for bartering, and it was often more valuable and stable in value than gold.
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"Do what you feel in your heart to be right ‚ for you'll be criticized anyway. You'll be damned if you do and damned if you don't. " -- Eleanor Roosevelt, first lady
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COMECON
Council for Mutual Economic Assistance
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