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AGGREGATE PRODUCTION FUNCTION: A relation between the total production of real output for an economy and the amount of labor input. The aggregate production function is comparable to the standard production function used in the microeconomic analysis of firm behavior but is applied to the macroeconomic study of aggregate supply, resource markets, and employment. It is typically assumed to experience diminishing marginal returns, resulting in a decreasing marginal product of labor.
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FALLACY: A logical error in an argument or evaluation of a policy. The six common fallacies that surface in economic analysis are: false cause, personal attack, division, composition, false authority, and mass appeal. These fallacies are most troublesome because, although false, they seem correct, especially when used by a slick-talking, charismatic person (politician) or when the fallacies support a preconceived notion or fundamental belief. See also | fallacy of composition | fallacy of division | fallacy of false authority | fallacy of false cause | fallacy of mass appeal | fallacy of personal attack | economic analysis | economic policies | normative economics | positive economics |
Recommended Citation:FALLACY, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2025. [Accessed: May 20, 2025].
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BUSINESS TRANSFER PAYMENTS Payments by the business sector to the household sector without any corresponding production. Business transfer payments are essentially gifts, or subsidies, made to the household sector from the business sector. At the aggregated level, this is one of several key differences between national income (the resource cost of production) and gross (and net) domestic product (the market value of production). Business transfer payments (BTP) tend to be quite small, invariably less than 1 percent of gross domestic product.
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ORANGE REBELOON
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Today, you are likely to spend a great deal of time watching the shopping channel wanting to buy either an extra large beach blanket or a large flower pot shaped like a Greek urn. Be on the lookout for a thesaurus filled with typos.
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Before 1933, the U.S. dime was legal as payment only in transactions of $10 or less.
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"The only place success comes before work is in the dictionary. " -- Vince Lombardi
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EJ
Economic Journal
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