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WILLINGNESS TO ACCEPT: The price or dollar amount that someone is willing to receive or accept to give up a good or service. Willingness to accept is the source of the supply price of a good. However, unlike supply price, in which sellers are on the spot of actually giving up a good to receive payment, willingness to accept does not require an actual exchange. This concept is important to benefit-cost analysis, welfare economics, and efficiency criteria, especially Kaldor-Hicks efficiency. A related concept is willingness to pay.

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AVERAGE PRODUCT

The quantity of total output produced per unit of a variable input, holding all other inputs fixed. Average product, usually abbreviated AP, is found by dividing total product by the quantity of the variable input. Average product, which occasionally goes by the alias average physical product (APP), is one of two measures derived from total product. The other is marginal product.

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The Depths Of DEPRESSION

In the discussion of recession we see that one of the problems confronting both pedestrians and the economy is stepping in an occasional pothole. These potholes are usually small and do little damage. Every now and then, however, our economy falls face first into one humdinger of pothole that's big enough to swallow the better part of a marching band. Rather than a mere recessionary pothole, these are best thought of as depressionary canyons. The Great Depression of the 1930s was the most memorable depressionary canyon on record for the good old U. S. of A. The question we need to ponder over the next few pages is: Are there any more depressionary canyons like the 1930s lurking along the economic pavement?
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State of the ECONOMY

U.S. Population
September 28, 2014
318,978,603
Up again...U.S. Census Bureau

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Today, you are likely to spend a great deal of time searching for a specialty store wanting to buy either a square lamp shade with frills along the bottom or an electric coffee pot with automatic shutoff. Be on the lookout for mail order catalogs with hidden messages.
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