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OUTPUT: A generic term for a tangible good or an intangible service that is the end result of the production/resource transformation process. This notion of output, which also goes by the alias product, usually surfaces in the context of analyzing the short-run production of a firm. The short-run relation between a variable input and output is of particular interest because it reveals the law of diminishing marginal returns. This law indicates that additional quantities of a variable input, when added to a fixed input, have decreasing marginal products, or marginal returns.

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Lesson 7: Market | Unit 3: A Graph Page: 10 of 22

Topic: The Curves <=PAGE BACK | PAGE NEXT=>

Combining the demand and supply curves into a single graph gives us a market graph.
  • Price is measured on the vertical axis and quantity on the horizontal axis.
  • The negative slope indicates the law of demand.
  • The law of supply is indicated by the positive slope of this curve.
  • We now have a market

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GOLD CERTIFICATES

Paper currency issued and authorized by the U.S. Department of the Treasury that is, in principle, backed up by, and exchangeable for, an equivalent value of gold. Gold certificates were in circulation as a medium of exchange for the U.S. economy during two periods, 1865 to 1922 and 1928 to 1934. A similar form of paper currency is silver certificates.

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ORANGE REBELOON
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Today, you are likely to spend a great deal of time strolling around a discount warehouse buying club hoping to buy either a replacement remote control for your stereo system or a computer that can play video games and burn DVDs. Be on the lookout for bottles of barbeque sauce that act TOO innocent.
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In the Middle Ages, pepper was used for bartering, and it was often more valuable and stable in value than gold.
"You can't build a reputation on what you are going to do."

-- Henry Ford, automaker

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