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January 24, 2018 

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VALUE ADDED: The increase in the value of a good at each stage of the production process. The value that's being increased is specifically the ability of a good to satisfy wants and needs either directly as a consumption good or indirectly as a capital good. A good that provides greater satisfaction has greater value. In essence, the whole purpose of production is to transform raw materials and natural resources that have relatively little value into goods and services that have greater value.

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EXPLICIT LOGROLLING: A type of voter logrolling in which each of two voters agree to cast separate votes for two separate programs or policies. With explicit logrolling, each voter must go "on record" as voting for each program. While explicit logrolling often contributes to government inefficiency, at the very least the voters can be held accountable for their voters. An alternative type of logrolling is implicit logrolling.

     See also | public choice | logrolling | implicit logrolling | majority rule | super majority rule | unanimity rule | plurality rule | Tiebout hypothesis | principal-agent problem | principle of the median voter |


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EXPLICIT LOGROLLING, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2018. [Accessed: January 24, 2018].


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MARGINAL COST CURVE

A curve that graphically represents the relation between the marginal cost incurred by a firm in the short-run product of a good or service and the quantity of output produced. This curve is constructed to capture the relation between marginal cost and the level of output, holding other variables like technology and resource prices constant. Three related curves are average total cost curve, average variable cost curve, and average fixed cost curve.

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Today, you are likely to spend a great deal of time wandering around the shopping mall hoping to buy either blue cotton balls or a genuine down-filled pillow. Be on the lookout for the last item on a shelf.
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Rosemary, long associated with remembrance, was worn as wreaths by students in ancient Greece during exams.
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