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January 20, 2019 

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INDIVIDUAL RETIREMENT ACCOUNT: A savings retirement account set up with a bank, mutual fund, brokerage firm that allows people to set aside a portion of their income each year. Like other private pension plans, income diverted to an individual retirement account (or IRA) is tax deferred, that is, taxes on not paid on the income until it is withdrawn during retirement.

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COMMON-PROPERTY GOOD: A good that's difficult to keep nonpayers from consuming, but use of the good by one person prevents use by others. Examples include oceans, the atmosphere, many lakes and streams, and large tracts of wilderness area or public parks. The term "common property" aptly describes the situation here, it's commonly owned and thus everyone has access to it, but it can be easily used up or destroyed. Many of our pollution problems occur because common property becomes a convenient place to dump waste materials. For efficiency, government needs to take charge of common-property goods, private exchange through markets can't do the job.

     See also | good types | good | excludability | rival consumption | efficiency | market | pollution | natural resources | near-public good | private good | public good | externality | market failure |


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MARGINAL REVENUE PRODUCT

The change in total revenue resulting from a unit change in a variable input, keeping all other inputs unchanged. Marginal revenue product, usually abbreviated MRP, is found by dividing the change in total revenue by the change in the variable input or by multiplying marginal physical product by marginal revenue. This is also termed value of the marginal product. Marginal revenue product is a key concept for understanding the demand for productive inputs.

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Today, you are likely to spend a great deal of time looking for the new strip mall out on the highway trying to buy either throw pillows for your bed or a package of blank rewritable CDs. Be on the lookout for slightly overweight pizza delivery guys.
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In the late 1800s and early 1900s, almost 2 million children were employed as factory workers.
"Act well at the moment, and you have performed a good action for all eternity."

-- Johann Kaspar Lavater

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