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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 22: Factor Supply | Unit 4: Determinants
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Page: 19 of 25
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- An important concept to consider: mobility.
- Mobility is the ease with which resources or factors of production can move from one productive activity to another.
- Some factors are highly mobile and thus are easily switched. Other factors are highly immobile and not easily switched.
- Mobility generally takes one of two forms:
- Geographical mobility
- Occupational mobility
- Factor mobility is most important to the price elasticity of factor supply.
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TECHNICAL EFFICIENCY Obtaining the greatest possible production of goods and services from available resources. In other words, resources are not wasted in the production process. This is also considered as engineering efficiency and should be contrasted with economic or allocative efficiency.
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PURPLE SMARPHIN
[What's This?]
Today, you are likely to spend a great deal of time flipping through mail order catalogs wanting to buy either a birthday gift for your father that doesn't look like every other birthday gift for your father or a green fountain pen. Be on the lookout for vindictive digital clocks with revenge on their minds.
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In his older years, Andrew Carnegie seldom carried money because he was offended by its sight and touch.
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"The greatest things ever done on Earth have been done little by little. " -- William Jennings Bryan
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ICCH
International Commodities Clearing House
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