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TOTAL PHYSICAL PRODUCT: The total quantity of output produced by a firm for a given quantity of inputs. Total physical product is actually nothing more than a fancy term for total product. The additional of the second term physical merely keeps the phrase consistent with average physical product and marginal physical product, two terms useful in marginal productivity theory and the analysis of factor demand. However, average physical product and marginal physical product are really just average product and marginal product.
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RISK PREFERENCES Three alternative views concerning the choice between a risky outcome and a certain outcome -- risk aversion, risk neutrality, and risk loving. Some people prefer to avoid risk (risk aversion), others enjoy engaging in risk (risk loving), and still others are indifferent (risk neutrality). Most people are risk averse, which underlies the provision of insurance. Others who are risk loving are more inclined to gamble, play the stock market, and be entrepreneurs.
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In the Middle Ages, pepper was used for bartering, and it was often more valuable and stable in value than gold.
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"My philosophy of life is that if we make up our mind what we are going to make of our lives, then work hard toward that goal, we never lose - somehow we win out." -- President Ronald Reagan
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GSP
Gross State Product, Generalized System of Preferences
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