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KEIRETSU: A form of business structure common in Japan which involves an alliance of several businesses, each working toward the mutual success of the group. The alliance also has close ties to government. Each "independent" business owns stock in the others and shares executives and directors. Keiretsu can be either horizontally or vertically integrated. Horizontal keiretsu cluster around a major bank with business ventures in a wide variety of industries. Vertical keiretsu contain businesses in all production phases of a particular industry, from raw materials to production to marketing.

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Lesson 14: Production | Unit 4: Long-Run Production Page: 22 of 25

Topic: Unit Review <=PAGE BACK | PAGE NEXT=>

In this unit, you should have learned about:
  • The long run as the planning period in which all inputs, especially capital, are variable.
  • How the long-run production is guided by returns to scale rather than the law of diminishing marginal returns.
  • The three types of returns to scale -- increasing, decreasing, and constant.
  • Why increasing returns to scale result from resource specialization, support activities, and the relation between volume and area.
  • Why decreasing returns to scale result from management control and fixed external inputs.
  • How constant returns to scale is the balance between increasing returns to scale and decreasing returns to scale, which gives rise to the minimum efficient scale.


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MARGINAL PHYSICAL PRODUCT

The change in the quantity of total physical product resulting from a unit change in a variable input, keeping all other inputs unchanged. Marginal physical product, usually abbreviated MPP, is found by dividing the change in total physical product by the change in the variable input. Marginal physical product, which more often goes by the name marginal product (MP), is one of two measures derived from total physical product. The other is average physical product.

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APLS

ORANGE REBELOON
[What's This?]

Today, you are likely to spend a great deal of time wandering around the shopping mall wanting to buy either a dozen high trajectory optic orange golf balls or a large red and white striped beach towel. Be on the lookout for celebrities who speak directly to you through your television.
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This isn't me! What am I?

The portrait on the quarter is a more accurate likeness of George Washington than that on the dollar bill.
"The majority of men meet with failure because of their lack of persistence in creating new plans to take the place of those that fail. "

-- Napoleon Hill, author

ARIMA
Autoregressive Integrated Moving Average
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