March 23, 2018 

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MACROECONOMICS: The branch of economics that studies the entire economy, especially such topics as aggregate production, unemployment, inflation, and business cycles. It can be thought of as the study of the economic forest, as compared to microeconomics, which is study of the economic trees.

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BY-PRODUCT: One of two goods that are produced jointly using the same resource--that is, the production of one good automatically triggers the production of the other. Also termed joint products or complements-in-production, the phrase by-product is often used when one of the products is unwanted or of secondary importance. For example, sawdust is generally considered a by-product from producing lumber from trees.

     See also | complement-in-production | complement | supply | production | supply curve | other prices | complement-in-consumption |

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A curve that graphically represents the relation between marginal factor cost incurred by a firm for hiring an input and the quantity of input employed. A profit-maximizing firm hires the quantity of input found at the intersection of the marginal factor cost curve and marginal revenue product curve. The marginal factor cost curve for a firm with no market control is horizontal. The marginal factor cost curve for a firm with market control is positively sloped and lies above the average factor cost curve.

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Today, you are likely to spend a great deal of time waiting for visits from door-to-door solicitors hoping to buy either a New York Yankees baseball cap or a solid oak entertainment center. Be on the lookout for poorly written technical manuals.
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In the early 1900s around 300 automobile companies operated in the United States.
"It is not the straining for great things that is most effective; it is the doing of the little things, the common duties, a little better and better."

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