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HORIZONTAL MERGER: The consolidation under a single ownership of two separately-owned businesses in the same industry. An example of a horizontal merger would be two soft drink companies merging to form a single firm. A horizontal merger should be contrasted with vertical merger--two firms in different stages of the production of one good, such that the output of one business is the input of the other; and conglomerate merger--two firms in totally, completely separate industries.

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Lesson 14: Aggregate Supply | Unit 4: Determinants Page: 15 of 20

Topic: Quality of Resources <=PAGE BACK | PAGE NEXT=>

Resource quality tends to change slowly and gradually. We seldom see big jumps in these long run aggregate supply determinants.

Two ways to improve resource quality:

  • Technology: The information about production techniques. It generally moves forward, so that aggregate supply increases. Technology primarily affects capital and land.
  • Education: Transferring information, knowledge, and training to people. It also generally moves forward, increasing aggregate supply. Education is most important for labor.
Resource quality generally increases, but it can decrease in unusual circumstances.

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AVERAGE PRODUCT

The quantity of total output produced per unit of a variable input, holding all other inputs fixed. Average product, usually abbreviated AP, is found by dividing total product by the quantity of the variable input. Average product, which occasionally goes by the alias average physical product (APP), is one of two measures derived from total product. The other is marginal product.

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APLS

PURPLE SMARPHIN
[What's This?]

Today, you are likely to spend a great deal of time watching the shopping channel seeking to buy either a coffee cup commemorating the 1960 Presidential election or a how-to book on fixing your computer, with illustrations. Be on the lookout for poorly written technical manuals.
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This isn't me! What am I?

The standard "debt" notation I.O.U. does not mean "I owe you," but actually stands for "I owe unto..."
"The roots of education are bitter, but the fruit is sweet."

-- Aristotle, philosopher

LIBOR
london Inter-Bank Offered Rate
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