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November 17, 2019 

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URBANIZATION ECONOMIES: A reduction in production cost the results when diverse activities are located in a concentrated urban area. Urbanization economies applied to all types of activities that benefit from assorted urban "amenities" such as public utilities, government services, information services that are inclined to experience decreasing average cost with large scale production. If, for example, a city has sufficient demand for a more efficiency, larger scale electrical generation plant, then everyone can benefit from lower electricity rates.

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VARIABLE FACTOR OF PRODUCTION: An input whose quantity can be changed in the time period under consideration. This usually goes by the shorter term fixed input and should be immediately compared and contrasted with fixed factor of production, which goes by the shorter term fixed input. The most common example of a variable factor of production is labor. A variable factor of production provides the extra inputs that a firm needs to expand short-run production. In contrast, a fixed factor of production, like capital, provides the capacity constraint in production. As larger quantities of a variable factor of production, like labor, are added to a fixed factor of production like capital, the variable factor of production becomes less productive.

     See also | variable input | input | output | fixed input | short-run production | law of diminishing marginal returns |


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VARIABLE FACTOR OF PRODUCTION, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2019. [Accessed: November 17, 2019].


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INNOVATION PROFIT

Economic profit, the difference between the total revenue received by a firm and the total opportunity cost of production, that is attributable to innovation, the initial application of new products, technologies, or ideas. Innovation profit is one of two sources of economic profit. The other is monopoly profit that arises due to market control. The generation of innovation profit is an important incentive that by rewarding individual innovative behavior enables society-wide benefits from the resulting innovations.

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APLS

GRAY SKITTERY
[What's This?]

Today, you are likely to spend a great deal of time strolling through a department store wanting to buy either a cell phone case or a pair of designer sunglasses. Be on the lookout for rusty deck screws.
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Three-forths of the gold mined each year is used to manufacture jewelry.
"Security can only be achieved through constant change, through discarding old ideas that have outlived their usefulness and adapting others to current facts. "

-- William O. Douglas, Supreme Court Justice

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