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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 4: Production Possibilities | Unit 1: Getting Started
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Page: 3 of 24
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The production possibilities analysis has two main limitations:- First, Preferences: This analysis says nothing about which goods people want and which provide the most satisfaction. It only indicates the available options.
- Second, Economic Efficiency: This analysis does not ensure we have economic efficiency-the combination that would generate the most satisfaction from the resources.
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PERSONAL CONSUMPTION EXPENDITURES The official item in the National Income and Product Accounts maintained by the Bureau of Economics Analysis that measures household consumption expenditures on gross domestic product. Personal consumption expenditures are far and away the largest and most stable of the four expenditures, averaging about 65 to 70 percent of gross domestic product. The other official expenditures included in the National Income and Product Accounts are gross private domestic investment, government consumption expenditures and gross investment, and net exports of goods and services.
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WHITE GULLIBON
[What's This?]
Today, you are likely to spend a great deal of time waiting for visits from door-to-door solicitors seeking to buy either one of those "hang in there" kitty cat posters or a velvet painting of Elvis Presley. Be on the lookout for crowded shopping malls.
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A scripophilist is one who collects rare stock and bond certificates, usually from extinct companies.
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"There is no passion to be found playing small ‚ in settling for a life that idles than the one you are capable of living." -- Nelson Mandela
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SWIFT
Society for Worldwide Interbank Financial Telecommunications
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