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SCARCITY RENT: The marginal opportunity cost imposed on future generations by extracting one more unit of a resource today. Scarcity rent is one of two costs the extraction of a finite resource imposes on society. The other is marginal extraction cost--the opportunity cost of resources employed in the extraction activity. Scarcity rent is the cost of "using up" a finite resource because benefits of the extracted resource are unavailable to future generations. Efficiency is achieved when the resource price--the benefit society is willing to pay for the resource today--is equal to the sum of marginal extraction cost and scarcity rent.

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DOUBLE COUNTING: The act of including the value of intermediate goods more than once in the value of gross domestic product. Because the value, or price, of final goods includes the cost, or value, of all intermediate goods used, including market transactions for intermediate separately in the measurement of gross domestic product would lead to double counting.

     See also | gross domestic product | final goods | intermediate good | current production | value | household sector | business sector | consumption expenditures | investment expenditures | government purchases | net exports |


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DOUBLE COUNTING, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2018. [Accessed: June 20, 2018].


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MARGINAL COST AND MARGINAL PRODUCT

The U-shape of the marginal cost curve is closely related to the hump-shape of the marginal product curve. The increasing portion of the marginal product curve corresponds with the decreasing portion of the marginal cost curve. The decreasing portion of the marginal product curve corresponds with the increasing portion of the marginal cost curve. The peak of the marginal product curve corresponds with the minimum of the marginal cost curve.

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Today, you are likely to spend a great deal of time driving to a factory outlet seeking to buy either an AC adapter that won't fry your computer or a case for your designer sunglasses. Be on the lookout for the happiest person in the room.
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Helping spur the U.S. industrial revolution, Thomas Edison patented nearly 1300 inventions, 300 of which came out of his Menlo Park "invention factory" during a four-year period.
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