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AP: The abbreviation for average product, which is the quantity of total output produced per unit of a variable input, holding all other inputs fixed. It is found by dividing total product by the quantity of the variable input. Average product, abbreviated AP also goes by the alias of average physical product (APP), so don't be confused by the extra term (physical).

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Lesson 1: Economic Basics | Unit 3: The Economy Page: 10 of 18

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  • How an economy is a system of rules, procedures, and institutions designed to address the problem of scarcity.
  • How a mixed economy used the two methods of allocation--markets and government.
  • The continuum of real world mixed economies that are bounded by the two theoretical extremes of a pure market economy and a pure command economy.
  • The degree to which the mixed U.S. economy relies on markets and government to allocate resources.

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MARKET

The organized exchange of commodities (goods, services, or resources) between buyers and sellers within a specific geographic area and during a given period of time. Markets are the exchange between buyers who want a good (the demand-side of the market) and the sellers who have it (the supply-side of the market).

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APLS

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[What's This?]

Today, you are likely to spend a great deal of time strolling around a discount warehouse buying club seeking to buy either an AC adapter that works with your MPG player or rechargeable batteries. Be on the lookout for poorly written technical manuals.
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This isn't me! What am I?

Lewis Carroll, the author of Alice in Wonderland, was the pseudonym of Charles Dodgson, an accomplished mathematician and economist.
"Anyone who has never made a mistake has never tried anything new. "

-- Albert Einstein, physicist

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