|
|
A POSTERIORI: A conclusion reached through logical reasoning based on facts and observations about the real world. This notion is closely related to the scientific verification of hypotheses and the identification of principles. A similar sounding, but opposite term is a prior, which is a unverified presumption made before an analysis is undertaken. For example, in the study of economics of crime you might assume, a priori, that people are basically "good", and conclude, a posteriori, that people are more likely to commit crimes when the threat of capture and conviction is lower.
Visit the GLOSS*arama
|
|
|
|
|
Lesson 14: Production | Unit 2: Production Measures
|
Page: 8 of 25
|
|
Topic:
Marginal Product
|
|
|
- A definition of marginal product:
- Marginal product is the change in the quantity of total product resulting from a unit change in a variable input, keeping all other inputs unchanged.
- Marginal product shows how much total product changes when one additional worker is added to the product process.
- It is found by dividing the change in total product by the change in the variable input and is calculated using this formula:
| marginal product (MP) | = | change in total product
change in variable input |
|
|
|
|
|
|
|
PHYSICAL WEALTH, AGGREGATE EXPENDITURES DETERMINANT One of several specific aggregate expenditures determinants assumed constant when the aggregate expenditures line is constructed, and that shifts the aggregate expenditures line when it changes. A decrease in physical wealth causes an increase (upward shift) of the aggregate expenditures line. An increase in physical wealth causes a decrease (downward shift) of the aggregate expenditures line. Other notable aggregate expenditures determinants include consumer confidence, federal deficit, inflationary expectations, and exchange rates.
Complete Entry | Visit the WEB*pedia |
|
|
|
A scripophilist is one who collects rare stock and bond certificates, usually from extinct companies.
|
|
|
"Every man must decide whether he will walk in the light of creative altruism or in the darkness of destructive selfishness." -- Martin Luther King, Jr., clergyman
|
|
SIPP
Survey of Income and Program Participation
|
|
|
Tell us what you think about AmosWEB. Like what you see? Have suggestions for improvements? Let us know. Click the User Feedback link.
User Feedback
|
|
