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AGGREGATE OUTPUT: The macroeconomy's total production of final goods and services. You might recognized it by it's official term gross domestic product. Another related term is aggregate supply. This is the total production in the economy that is purchased by the four basic economic sectors -- household, business, government, and foreign. See also aggregate market, aggregate demand, aggregate expenditures.
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DECREASING MARGINAL RETURNS In the short-run production of a firm, an increase in the variable input results in a decrease in the marginal product of the variable input. Decreasing marginal returns typically surface after the first few quantities of a variable input are added to a fixed input. This is one of two types of marginal returns. The other is increasing marginal returns. A related phenomenon is diseconomies of scale associated with long-run production.
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ORANGE REBELOON
[What's This?]
Today, you are likely to spend a great deal of time browsing about a thrift store trying to buy either a replacement remote control for your television or a replacement nozzle for your shower. Be on the lookout for mail order catalogs with hidden messages.
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This isn't me! What am I?
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The 1909 Lincoln penny was the first U.S. coin with the likeness of a U.S. President.
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"I not only use all the brains that I have, but all that I can borrow. " -- Woodrow Wilson, 28th US president
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T-BILL
Treasury Bill
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