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LAW OF DIMINISHING MARGINAL RETURNS: A principle stating that as more and more of a variable input is combined with a fixed input in short-run production, the marginal product of the variable input eventually declines. This is THE economic principle underlying the analysis of short-run production for a firm. Among a host of other things, it offers an explanation for the upward-sloping market supply curve. How does the law of diminishing marginal returns help us understand supply? The law of supply and the upward-sloping supply curve indicate that a firm needs to receive higher prices to produce and sell larger quantities. Why do they need higher prices?
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                           ECONOMIC REPORT OF THE PRESIDENT: An annual report of the economic performance of the U.S. economy written by the Chairman of the Council of Economic Advisors (CEA). It provides an overview of the nation's economic progress. A goal of the report is to provide the President with objective economic analysis and advice on the development and implementation of a wide range of domestic and international economic policy issues. The Council of Economic Advisors, the governmental body responsible for the report, was established by the Employment Act of 1946. The Economic Report of the President has been published every year since 1950. The release of the Economic Report of the President is synchronized with the release of other major government documents. For example, the Economic Report of the President is transmitted to Congress no later than ten days after the submission of the Budget of the United States Government. However, supplemental reports are occasionally issued to the Congress that contain additional and/or revised recommendations.The information normally contained in the Economic Report of the President includes: - Current and Foreseeable Trends: Statistics and forecasts on topics such as employment, production, real income and Federal budget outlays.
- Labor Force Outlook: Employment objectives for significant groups of the labor force.
- Annual Numerical Goals: More or less specific objectives for relevant economic variables.
- Place of Action: Public policies designed to carry out program objectives.
Included in the Economic Report of the President is the Annual Report of the Council of Economic Advisers. This is a report on its activities during the previous calendar year in accordance with the requirements of the Congress. The Council of Economic Advisers includes three members who are appointed by the President, by and with the advice and consent of the Senate. The President designates one of the members as Chairman. A Distinguished CastA complete list of distinguished economists who have held the position of Chairman of the Council of Economic Advisors is a lengthy one. Here is an abridged list:- N. Gregory Mankiw: He is a well-respected Professor of Economics at Harvard University, a prolific writer and a regular participant in academic and policy debates.
- Joseph E. Stiglitz: He shared the Nobel Prize in Economics in 2002 for his analyses of markets with asymmetric information.
- Martin Feldstein: He also served as President of the National Bureau of Economic Research and is noted for his work on the study of tax policies and the federal deficit.
- Alan Greenspan: He is most noted as Chairman of the Board of Governors of the Federal Reserve System. He has also served as Chairman of the Conference of Business Economists, President and Fellow of the National Association of Business Economists, and Director of the National Economists Club.
- Arthur F. Burns : In addition to his work on business cycles at the National Bureau of Economic Research, he also spent a little time as Chairman of the Federal Reserve System, President of the NBER, President of the American Economic Association, and even U.S. Ambassador to Germany.
Recommended Citation:ECONOMIC REPORT OF THE PRESIDENT, AmosWEB Encyclonomic WEB*pedia, http://www.AmosWEB.com, AmosWEB LLC, 2000-2023. [Accessed: March 20, 2023].
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PURPLE SMARPHIN
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Today, you are likely to spend a great deal of time visiting every yard sale in a 30-mile radius wanting to buy either a T-shirt commemorating the first day of winter or software that won't crash your computer. Be on the lookout for small children selling products door-to-door.
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This isn't me! What am I?
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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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"Look at the abundance all around you as you go about your daily business. You have as much right to this abundance as any other living creature. It's yours for the asking." -- Earl Nightingale
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Department of Commerce
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