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April 24, 2018 

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GROSS DOMESTIC PRODUCT, INS AND OUTS: Gross domestic product is the total market value of all goods and services produced within the political boundaries of an economy during a given period of time, usually one year. Obtaining this value is not a simple task. It requires combining a lot of information from a number of different sources. For the U.S. economy, this includes trillions of dollars worth of production, hundreds of million of consumers, hundreds of thousands of businesses, and a bunch of market transactions each year.

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MARGINAL PHYSICAL PRODUCT: The change in the quantity of total product resulting from a unit change in a variable input, keeping all other inputs unchanged. Marginal physical product, usually abbreviated MPP, is found by dividing the change in total product by the change in the variable input. Marginal physical product usually goes by the shorter name marginal product.

     See also | marginal product | variable input | fixed input | total physical product | marginal productivity theory | law of diminishing marginal returns | marginal revenue product | average physical product | total product |


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MARGINAL PHYSICAL PRODUCT, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2018. [Accessed: April 24, 2018].


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LAW OF SUPPLY

The direct relationship between supply price and the quantity supplied, assuming ceteris paribus factors are held constant. This economic principle indicates that an increase in the price of a commodity results in an increase in the quantity of the commodity that sellers are willing and able to sell in a given period of time, if other factors are held constant. The law of supply is an important principle in the study of economics.

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Today, you are likely to spend a great deal of time watching the shopping channel seeking to buy either a birthday gift for your mother or a weathervane with a horse on top. Be on the lookout for florescent light bulbs that hum folk songs from the sixties.
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On a typical day, the United States Mint produces over $1 million worth of dimes.
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