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VARIABLE INPUT: An input whose quantity can be changed in the time period under consideration. This should be immediately compared and contrasted with fixed input. The most common example of a variable input is labor. A variable input provides the extra inputs that a firm needs to expand short-run production. In contrast, a fixed input, like capital, provides the capacity constraint in production. As larger quantities of a variable input, like labor, are added to a fixed input like capital, the variable input becomes less productive. This is, by the way, the law of diminishing marginal returns.

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Lesson 4: Production Possibilities | Unit 5: Investment Page: 24 of 24

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  • Investment as the fundamental process of giving up current consumption to achieve greater productivity in the future.
  • How the tradeoff between consumption and capital is illustrated by a movement along the production possibilities curve.
  • How the sacrifice of more current consumption to produce more capital leads to a greater outward shift in the production possibilities curve.
  • The importance of economic growth resulting from investment in addressing the fundamental problem of scarcity.


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OLIGOPSONY

A market characterized by a small number of large buyers controlling the buying-side of a market. Oligopsony is the buying-side equivalent of a selling-side oligopoly. Much as a oligopoly is a market dominated by a few large sellers, oligopsony is a market dominated by a few large buyers. While oligopsony could be analyzed for any type of market it tends to be most relevant for factor markets in which a handful of firms control the buying of a factor. Two related buying side market structures are monopsony and monopsonistic competition.

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BLACK DISMALAPOD
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Today, you are likely to spend a great deal of time lost in your local discount super center wanting to buy either a coffee cup commemorating last Friday (you know why) or a wall poster commemorating the first day of spring. Be on the lookout for the happiest person in the room.
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More money is spent on gardening than on any other hobby.
"Man is born to live, not to prepare for life. "

-- Boris Pasternak, writer

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