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JUST IN TIME: A method of production in which inputs used in the production process are delivered to a firm or factory immediately before they are needed. Just in time limits the inventories of raw materials and intermediate goods kept on site. While this is credited with improving microeconomic production efficiency, it might also prevent macroeconomic business-cycle instability that is attributable to the unplanned build-up of business inventories.
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TOTAL PRODUCT AND MARGINAL PRODUCT: A mathematical connection between marginal product and total product stating that marginal product IS the slope of the total product curve. If the total product curve has a positive slope (that is, is upward sloping), then marginal product is positive. If the total product curve has a negative slope (downward sloping), then marginal product is negative. If the total product curve has a zero slope (horizontal), then marginal product is zero. Moreover, if the total product curve has a positive and increasingly steeper slope, then the marginal product is positive and rising. If the total product curve has a positive and decreasingly steeper slope, then the marginal product is positive but falling. See also | total product | marginal product | short-run production | slope | total-marginal rule | average-marginal rule | law of diminishing marginal returns | increasing marginal returns | decreasing marginal returns |
Recommended Citation:TOTAL PRODUCT AND MARGINAL PRODUCT, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2023. [Accessed: June 3, 2023].
AmosWEB Encyclonomic WEB*pedia:Additional information on this term can be found at: WEB*pedia: total product and marginal product
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CORPORATE PROFITS DISTRIBUTION Corporate profits are the excess revenue received by corporations over their accounting costs of production. Total corporate profits are distributed in three ways. One portion is used to pay corporate profits taxes. A second is undistributed corporate profits retained by corporations to finance capital investment. And a third is then paid out as dividends to shareholders, or corporate owners.
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BROWN PRAGMATOX
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Today, you are likely to spend a great deal of time at a flea market looking to buy either a genuine down-filled snow parka or throw pillows for your living room sofa. Be on the lookout for attractive cable television service repair people.
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Rosemary, long associated with remembrance, was worn as wreaths by students in ancient Greece during exams.
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