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PATENT: The guaranteed ownership and control of an invention, innovation, or production technique by government for a period of time (currently 17 years). A patent gives the owner the exclusive rights to sell, market, license, or otherwise generate revenue from an invention, innovation, or production technique. Patents are designed to encourage inventions and other developments that promote technological advances. However, they are also an entry barrier and lead to market control.
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MARGINAL COST AND MARGINAL PRODUCT The U-shape of the marginal cost curve is closely related to the hump-shape of the marginal product curve. The increasing portion of the marginal product curve corresponds with the decreasing portion of the marginal cost curve. The decreasing portion of the marginal product curve corresponds with the increasing portion of the marginal cost curve. The peak of the marginal product curve corresponds with the minimum of the marginal cost curve.
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YELLOW CHIPPEROON
[What's This?]
Today, you are likely to spend a great deal of time at a going out of business sale looking to buy either 500 feet of coaxial cable or a coffee cup commemorating the 1960 Presidential election. Be on the lookout for the happiest person in the room.
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This isn't me! What am I?
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Before 1933, the U.S. dime was legal as payment only in transactions of $10 or less.
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"If I'm selecting a group, the first thing I look for is a record of achievement . . . If (candidates achieve) in small things, there's a very good chance they'll perform well in big things. " -- Edmund Hillary, explorer
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NBS
Nash Bargaining Solution
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