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ARP: The abbreviation for average revenue product, which is total revenue generated per unit of a variable input, keeping all other inputs unchanged. Average revenue product, usually abbreviated ARP, is found by dividing total revenue by the variable input. Average revenue product is most often used in the analysis of the demand for productive inputs.
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GOOD A physical, tangible item or product used to satisfy wants and needs. A good is produced using society's resources and represents a fundamental aspect of the economy. Limited resources are used to produced the goods that satisfy unlimited wants and needs in an ongoing effort to address the problem of scarcity.
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BLUE PLACIDOLA
[What's This?]
Today, you are likely to spend a great deal of time at an auction trying to buy either several magazines on home repairs or a remote controlled sports car with an air spoiler. Be on the lookout for attractive cable television service repair people.
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In the late 1800s and early 1900s, almost 2 million children were employed as factory workers.
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"We work to become, not to acquire. " -- Elbert Hubbard, editor
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TU
Total Utility
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