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January 19, 2019 

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HISTORICAL COST: An accounting principle stating that expenses are recorded in terms of original or acquisition cost. Such a practice does not necessarily indicate the opportunity cost or current market value.

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SUPER MAJORITY RULE: A voting rule in which decisions are made based on a specified fraction of votes greater than 50 percent and less than 100 percent. For example, a super majority of two-thirds is required for Congress to override a legislative veto by the President. A growing number of state and local governments require a super majority approval, usually in the range of 60 to 75 percent, for an increase in taxes. This is one of several voting rules. Others include majority, unanimity, and plurality.

     See also | public choice | majority rule | unanimity rule | plurality rule | voter paradox | principle of the median voter | logrolling | explicit logrolling | implicit logrolling | Tiebout hypothesis | principal-agent problem |


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SUPER MAJORITY RULE, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2019. [Accessed: January 19, 2019].


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AVERAGE PRODUCT

The quantity of total output produced per unit of a variable input, holding all other inputs fixed. Average product, usually abbreviated AP, is found by dividing total product by the quantity of the variable input. Average product, which occasionally goes by the alias average physical product (APP), is one of two measures derived from total product. The other is marginal product.

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Today, you are likely to spend a great deal of time lost in your local discount super center looking to buy either a computer that can play music and burn CDs or a T-shirt commemorating last Friday (you know why). Be on the lookout for attractive cable television service repair people.
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A thousand years before metal coins were developed, clay tablet "checks" were used as money by the Babylonians.
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