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MARGINAL PRODUCT CURVE: A curve that graphically illustrates the relation between marginal product and the quantity of the variable input, holding all other inputs fixed. This curve indicates the incremental change in output at each level of the variable input. The marginal product curve is one of three related curves used in the analysis of the short-run production of a firm. The other two are total product curve and average product curve. The marginal product curve plays in key role in the economic analysis of short-run production by a firm in large part because economists are generally obsessed with marginal changes in production.
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FOREIGN EXCHANGE A common term for the currency used in "another country" and is in direct contrast to the "domestic currency" used within a given country. More generally, foreign exchange is any financial instrument that gives one country a claim on the currency of another country and which is used to make payments between countries. The most important type of foreign exchange is, of course, the currency of other countries. However foreign exchange also includes financial assents such as bank deposits denominated in another currency. Foreign exchange is appropriately traded through the foreign exchange market and the price of foreign currency is termed the foreign exchange rate.
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GRAY SKITTERY
[What's This?]
Today, you are likely to spend a great deal of time flipping through mail order catalogs hoping to buy either an AC adapter for your CD player or storage boxes for your family photos. Be on the lookout for florescent light bulbs that hum folk songs from the sixties.
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This isn't me! What am I?
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The standard "debt" notation I.O.U. does not mean "I owe you," but actually stands for "I owe unto..."
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"Be kind and merciful. Let no one ever come to you without coming away better and happier." -- Mother Teresa of Calcutta, humanitarian
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WPO
Weakly Pareto Optimal
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