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September 21, 2018 

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TRANSFERRABLE INPUT: An input that has a relatively large geographic market area due to the low cost of transportation. The low transportation cost means it is easier (that is, less expensive) to bring the input to the production activity rather than locating the production activity near the input. Like many things, transferrable inputs are a matter of degree. At the other end of the spectrum lies local inputs. Most manufactured intermediate goods tend to have a high degree of transferability. Information and energy inputs are also relatively easily transported.

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SHORT-RUN PRODUCTION: An analysis of the production decision made by a firm in the short run, with the ultimate goal of explaining the law of supply and the upward-sloping supply curve. The central feature of this short-run analysis is the law of diminishing marginal returns, which results in the short run when larger amounts of a variable input, like labor, are added to a fixed input, like capital. This analysis of short-run production is but the first step in a brisk walk toward a better understanding of supply. Further steps include the cost of short-run production, especially marginal cost, and the market structure in which a firm operates, such as perfect competition or monopoly.

     See also | fixed input | variable input | law of diminishing marginal returns | marginal product | total product | average product | marginal cost | total variable cost | total cost | total fixed cost | profit maximization | total revenue and total cost | marginal revenue and marginal cost |


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SECOND RULE OF SUBJECTIVITY

The second of seven basic rules of the economy, stating that market prices are determined by subjective values and the preferences of buyers and resource owners. Contrary to popular opinion, prices and costs are not immutably facts of nature, but are ultimately based on what people are willing to pay or accept.

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Today, you are likely to spend a great deal of time visiting every yard sale in a 30-mile radius looking to buy either a T-shirt commemorating the 2000 Olympics or a genuine fake plastic Tiffany lamp. Be on the lookout for empty parking spaces that appear to be near the entrance to a store.
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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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