|
|
INCREASING MARGINAL RETURNS: In the short-run production of a firm, an increase in the variable input results in an increase in the marginal product of the variable input. Increasing marginal returns typically surface when the first few quantities of a variable input are added to a fixed input. Compare this with decreasing marginal returns. You should also compare this with economies of scale associated with long-run production.
Visit the GLOSS*arama
|
|
|
|
                           FIRST ESTATE: Another term for the government or public sector. This is one of four divisions of society based on economic function. The other three are businesses as the second estate, consumers as the third estate, and journalists as the fourth estate. The notion of dividing society into different "estates" has roots in 18th century France, in which clergy and religious leaders were considered the first estate, royalty and aristocracy were the second estate, and peasants, serfs, and the working class were viewed as the third estate. Inventive journalists extended this classification to include themselves as the fourth estate.The modern estates retain the essence of this division with an update to the realities of the modern economy. Government leaders and politicians, rather than clergy, assume their position in the first estate. Business leaders, rather than royalty, take over rule of the second estate. Rank-and-file consumers and those in the working class make up the third estate. And journalists continue as the fourth estate. In past centuries, the first estate included religious leaders and clergy. In modern times, it includes politicians and government leaders who can exert a great deal of control over resources through the coercive powers of government. One historical function of the first estate is to protect the less powerful consumers, taxpayers, and workers of the third estate from the market control typically held by the business leaders of the second estate. It is not uncommon, however, for an unhealthy degree of cooperation between the first and second estates, which often ends up with the enslavement of the third estate (figuratively and literally). At times help is forthcoming from the watchdog journalist of the fourth estate--unless they too have been overtaken by the first two estates. Consider the case of Victor Thurgood, the honorable Mayor of Shady Valley. Not only is Victor the current Mayor of Shady Valley, duly elected by a majority of voters casting ballots in the most recent election, but at the age of 63 he has never held a nongovernment job. He has been on the Shady Valley city council, served as a state legislator for many years, spent several terms as a member of the U. S. House of Representatives, bounced around as a political appointee to assorted state and federal government agencies, and was most recently Ambassador to the Republic of Northwest Queoldiolia. Moreover, Victor's father, mother, grandfather, uncles, aunts, brothers, sisters, sons, daughters, nieces, and nephews have had similar employment histories. Victor Thurgood is a member of the first estate.
Recommended Citation:FIRST ESTATE, AmosWEB Encyclonomic WEB*pedia, http://www.AmosWEB.com, AmosWEB LLC, 2000-2025. [Accessed: July 12, 2025].
Check Out These Related Terms... | | | | |
Or For A Little Background... | | | |
And For Further Study... | | | | | |
Search Again?
Back to the WEB*pedia
|
|
|
BROWN PRAGMATOX
[What's This?]
Today, you are likely to spend a great deal of time browsing through a long list of dot com websites hoping to buy either one of those "hang in there" kitty cat posters or a velvet painting of Elvis Presley. Be on the lookout for small children selling products door-to-door.
Your Complete Scope
This isn't me! What am I?
|
|
|
Ragnar Frisch and Jan Tinbergen were the 1st Nobel Prize winners in Economics in 1969.
|
|
|
"What gets measured gets done." -- Peter Drucker, educator
|
|
M
Imports
|
|
|
Tell us what you think about AmosWEB. Like what you see? Have suggestions for improvements? Let us know. Click the User Feedback link.
User Feedback
|
|
