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APP: The abbreviation of average physical product, which is the quantity of total output produced per unit of a variable input, holding all other inputs fixed. Average physical product, usually abbreviated APP, is found by dividing total physical product by the quantity of the variable input. Average physical product is actually just another name for average product (AP). But don't be confused by the extra term (physical).

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Lesson 20: Federal Reserve System | Unit 3: The Fed Pyramid Page: 7 of 20

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The structure of the Federal Reserve:
  • Chairman of the Board of Governors: the boss of the Fed.
  • Board of Governors: 7 people, usually economists who make big decisions.
  • Federal Reserve Banks: 37 banks dispersed throughout the country.
  • Commercial Banks: traditional banks, credit unions, savings and loan associations and mutual savings banks.
  • The Non-Bank Public: people, businesses, and government agencies using commercial banking services.

  • The Federal Open Market Committee (FOMC) is critical for money supply control.
  • The Federal Advisory Council (FAC), isn't quite as important.

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CONSUMPTION RIVALRY

Whether or not the consumption of a particular good by one person prevents simultaneous consumption by another person. In other words, does consumption impose an opportunity cost on others. Rival consumption occurs if the consumption by one imposes an opportunity cost on others because others are prevented from consuming the good. Nonrival consumption occurs if the consumption by one does not impose an opportunity cost on others because others are not prevented from consuming the good. When combined with nonpayer excludability, the result is four alternative types of goods -- private, public, common-property, and near-public.

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APLS

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Today, you are likely to spend a great deal of time flipping through the yellow pages looking to buy either a birthday gift for your mother or a weathervane with a horse on top. Be on the lookout for pencil sharpeners with an attitude.
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The portion of aggregate output U.S. citizens pay in taxes (30%) is less than the other six leading industrialized nations -- Britain, Canada, France, Germany, Italy, or Japan.
"Good humor is a tonic for mind and body. It is the best antidote for anxiety and depression. It is a business asset. It attracts and keeps friends. It lightens human burdens. It is the direct route to serenity and contentment."

-- Grenville Kleiser, Author

MPI
Marginal Propensity to Invest
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