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MARGINAL RETURNS: The change in the quantity of total product resulting from a unit change in a variable input, holding all other inputs fixed. You might recognize this as the definition of marginal product. It is. Marginal returns is an older and more generic term for marginal product. While marginal product has largely replaced marginal returns in most discussions of short-run production, the phrase does persist in a few terms like the law of diminishing marginal returns. When you come upon the phrase marginal returns, more often than not, it's probably referring to marginal product.

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Lesson 10: Gross Domestic Product | Unit 4: Measuring Income Page: 19 of 25

Topic: Personal Income <=PAGE BACK | PAGE NEXT=>

Personal income (PI) is the second income measure.
  • Personal Income is income RECEIVED by households.
  • Compare this with national income which is income earned by the factors of production.
These two income measures are similar, but not exactly the same.
  • Some income earned by the factors of production is not received by the household sector. Let's call it IEBNR.
  • Some income received by the household sector is not earned by a factor of production. Let's call it IRBNE.

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MARGINAL REVENUE CURVE, PERFECT COMPETITION

A curve that graphically represents the relation between the marginal revenue received by a perfectly competitive firm for selling its output and the quantity of output sold. Because a perfectly competitive firm is a price taker and faces a horizontal demand curve, its marginal revenue curve is also horizontal and coincides with its average revenue (and demand) curve. A perfectly competitive firm maximizes profit by producing the quantity of output found at the intersection of the marginal revenue curve and marginal cost curve.

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Today, you are likely to spend a great deal of time searching for a specialty store hoping to buy either a remote controlled train set or a genuine down-filled snow parka. Be on the lookout for cardboard boxes.
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There were no banks in colonial America before the U.S. Revolutionary War. Anyone seeking a loan did so from another individual.
"In the business world, everyone is paid in two coins: cash and experience. Take the experience first; the cash will come later. "

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