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September 21, 2018 

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FIRST RULE OF SCARCITY: The first of seven basic rules of the economy. It is the fundamental fact of economic life that he world is faced with limited resources but unlimited wants and needs satisfied from these resources.

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MARGINAL REVENUE PRODUCT: The change in total revenue resulting from a unit change in a variable input, keeping all other inputs unchanged. Marginal revenue product, usually abbreviated MRP, is found by dividing the change in total revenue by the change in the variable input. This is also termed value of the marginal product. Marginal revenue product is a key component for understanding the demand for productive inputs (that is, factor demand).

     See also | marginal revenue product curve | total revenue | marginal product | marginal physical product | variable input | factor demand | marginal revenue | profit maximization | marginal factor cost curve | factor markets | factors of production |


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MARGINAL REVENUE PRODUCT, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2018. [Accessed: September 21, 2018].


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INCOME ELASTICITY OF DEMAND

The relative response of a change in demand to a change in income. More specifically the income elasticity of demand is the percentage change in demand due to a percentage change in buyers' income. This notion of elasticity captures the buyers' income demand determinant. Three other notable elasticities are the price elasticity of demand, the price elasticity of supply, and the cross elasticity of demand.

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Today, you are likely to spend a great deal of time looking for the new strip mall out on the highway hoping to buy either a large, stuffed kitty cat or a cross-cut paper shredder. Be on the lookout for empty parking spaces that appear to be near the entrance to a store.
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More money is spent on gardening than on any other hobby.
"Man is born to live, not to prepare for life. "

-- Boris Pasternak, writer

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