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March 7, 2021 

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AP: The abbreviation for average product, which is the quantity of total output produced per unit of a variable input, holding all other inputs fixed. It is found by dividing total product by the quantity of the variable input. Average product, abbreviated AP also goes by the alias of average physical product (APP), so don't be confused by the extra term (physical).

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LEGAL CLAIMS: Ownership of the physical goods, services, and resources that make up the real side of the economy. Legal claims are a key feature of the paper, or financial side of the economy. Transferring legal claims is the primary method of diverting income from household saving to investment and government borrowing. Legal-claim buyers loan income and legal-claim sellers borrower income.

     See also | goods | services | resources | investment borrowing | government borrowing | financial markets |


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DIVISION OF LABOR

A basic economic notion that labor resources are used more efficiently if work tasks are divided among different workers. This allows workers to specialize in production as each becomes highly skilled at specific tasks.

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APLS

BLUE PLACIDOLA
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Today, you are likely to spend a great deal of time searching the newspaper want ads looking to buy either a 200-foot blue garden hose or a video camera with stop action features. Be on the lookout for the last item on a shelf.
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Natural gas has no odor. The smell is added artificially so that leaks can be detected.
"Ships are safe in harbor. But that is not what ships are for."

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Strong Law of Large Numbers
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