|
|
LAW OF DIMINISHING MARGINAL RETURNS: A principle stating that as more and more of a variable input is combined with a fixed input in short-run production, the marginal product of the variable input eventually declines. This is THE economic principle underlying the analysis of short-run production for a firm. Among a host of other things, it offers an explanation for the upward-sloping market supply curve. How does the law of diminishing marginal returns help us understand supply? The law of supply and the upward-sloping supply curve indicate that a firm needs to receive higher prices to produce and sell larger quantities. Why do they need higher prices?
Visit the GLOSS*arama
|
|
|
|
|
AVERAGE PROPENSITY TO SAVE The proportion of household income that is used for saving. The average propensity to save (abbreviated APS) is really nothing more than average saving. Together with the average propensity to consume, it indicates how a given level of income is divided between consumption and saving. A related saving measure is the marginal propensity to save.
Complete Entry | Visit the WEB*pedia |
|
|
PINK FADFLY
[What's This?]
Today, you are likely to spend a great deal of time browsing about a thrift store hoping to buy either 500 feet of coaxial cable or a coffee cup commemorating the 1960 Presidential election. Be on the lookout for slightly overweight pizza delivery guys.
Your Complete Scope
This isn't me! What am I?
|
|
|
John Maynard Keynes was born the same year Karl Marx died.
|
|
|
"Cherish your visions and your dreams as they are the children of your soul; the blue prints of your ultimate achievements." -- Napoleon Hill, Author
|
|
JEMS
Journal of Economics and Management Strategy
|
|
|
Tell us what you think about AmosWEB. Like what you see? Have suggestions for improvements? Let us know. Click the User Feedback link.
User Feedback
|
|
