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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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NOVEL INFORMATION Information received by the five senses (sight, sound, taste, touch, and smell) that is new, different, and unusual. Because novel information has the potential to be threatening it triggers an automatic response through what is commonly termed the "fight or flight" reaction. Novel information is evaluated in contrast to redundant information, which is familiar and presumably nonthreatening.
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PURPLE SMARPHIN
[What's This?]
Today, you are likely to spend a great deal of time going from convenience store to convenience store seeking to buy either rechargeable batteries or a rechargeable battery for your computer. Be on the lookout for cardboard boxes.
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This isn't me! What am I?
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Only 1% of the U.S. population paid income taxes when the income tax was established in 1914.
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"Rowing harder doesn't help if the boat is headed in the wrong direction. " -- Kenichi Ohmae, management consultant
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L/I
Letter of Intent
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