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ECONOMIZE: The process of obtaining the most for the least. That is, to limit the cost of an action or to gain the greatest benefit from an activity. To economize also means to limit or prevent waste and inefficiency.
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TOTAL PRODUCT CURVE A curve that graphically represents the relation between total production by a firm in the short run and the quantity of a variable input added to a fixed input. When constructing this curve, it is assumed that total product changes from changes in the quantity of a variable input (like labor), while other inputs (like capital) are fixed. This is one of three key product curves used in the analysis of short-run production. The other two are marginal product curve and average product curve.
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BLACK DISMALAPOD
[What's This?]
Today, you are likely to spend a great deal of time driving to a factory outlet hoping to buy either a battery-powered, rechargeable vacuum cleaner or a remote controlled World War I bi-plane. 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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Mark Twain said "I wonder how much it would take to buy soap buble if there was only one in the world."
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"Nobody can be successful unless he loves his work. " -- David Sarnoff, TV pioneer
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CJE
Canadian Journal of Economics
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