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July 17, 2019 

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APP: The abbreviation of average physical product, which is the quantity of total output produced per unit of a variable input, holding all other inputs fixed. Average physical product, usually abbreviated APP, is found by dividing total physical product by the quantity of the variable input. Average physical product is actually just another name for average product (AP). But don't be confused by the extra term (physical).

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ECONOMIC EFFICIENCY: Obtaining the most consumer satisfaction from available resources. This is what most economists mean when the term efficiency arises. Economic efficiency means our economy is doing the best job possible of satisfying unlimited wants and needs with limited resources--that is, of addressing the problem of scarcity.

     See also | efficiency | satisfaction | resources | allocative efficiency | technical efficiency | scarcity | production possibilities | economy | unlimited wants and needs | limited resources | value |


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ECONOMIC EFFICIENCY, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2019. [Accessed: July 17, 2019].


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ALTERNATIVE UNEMPLOYMENT RATES

The official unemployment rate estimated and reported monthly by the Bureau of Labor Statistics (BLS) using data from Current Population Survey is one of six alternative measures of unemployment tracked and reported by the BLS, officially labeled sequentially U1 through U6. The "official" unemployment rate is U3. The other five measures seek to document different ways in which labor can be under utilized, including unemployment duration, job losers, discouraged workers, marginal workers, and part-time workers.

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APLS

ORANGE REBELOON
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Today, you are likely to spend a great deal of time lost in your local discount super center seeking to buy either a large, stuffed giraffe or a birthday greeting card for your aunt. Be on the lookout for crowded shopping malls.
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The word "fiscal" is derived from a Latin word meaning "moneybag."
"God grants victory to perseverance. "

-- Simon Bolivar, South American liberator

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Weak Axiom of Cost Minimization
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