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October 16, 2018 

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MARGINAL PRODUCT CURVE: A curve that graphically illustrates the relation between marginal product and the quantity of the variable input, holding all other inputs fixed. This curve indicates the incremental change in output at each level of the variable input. The marginal product curve is one of three related curves used in the analysis of the short-run production of a firm. The other two are total product curve and average product curve. The marginal product curve plays in key role in the economic analysis of short-run production by a firm in large part because economists are generally obsessed with marginal changes in production.

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Lesson 17: Money | Unit 1: Money Basics Page: 1 of 25

Topic: What It Is <=PAGE BACK | PAGE NEXT=>

Money can be just about anything.

Two points:

  1. The 'thing' part: Money is an asset, something of value. In modern world we use paper currency, coins or checks.
  2. The 'any' part: Anything can function as money. What money is, is less important than what money does.

Money is something that can be readily traded for valuable assets.

A definition:

  • Money is anything that is generally accepted in exchange for goods and services.
  • Money can be pieces of paper, metal coins, bank accounts, animal skins, shiny trinkets, or anything as long as it is generally accepted by society as payment.

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ABSTRACTION

Simplifying the complexities of the real world by ignoring (hopefully) unimportant details while doing economic analysis. Abstraction is an essential feature of the scientific method. Hypothesis verification, model construction, and comparative static analysis are not possible without abstraction.

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APLS

BEIGE MUNDORTLE
[What's This?]

Today, you are likely to spend a great deal of time looking for a downtown retail store wanting to buy either a genuine down-filled snow parka or throw pillows for your living room sofa. Be on the lookout for small children selling products door-to-door.
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This isn't me! What am I?

A communal society, a prime component of Karl Marx's communist philosophy, was advocated by the Greek philosophy Plato.
"Success is more a function of consistent common sense than it is of genius. "

-- An Wang, industrialist

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