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DECREASING MARGINAL RETURNS: In the short-run production of a firm, an increase in the variable input results in a decrease in the marginal product of the variable input. Decreasing marginal returns typically surface after the first few quantities of a variable input are added to a fixed input. Compare this with increasing marginal returns. You should also compare this with diseconomies of scale associated with long-run production.
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SCARCE GOOD A tangible item produced with society's limited resources for the purpose of satisfying wants and needs. As a general notion, the phrase scarce good can also commonly include intangible services produced with society's limited resources for the purpose of satisfying wants and needs. A synonymous term for scarce good is economic good.
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YELLOW CHIPPEROON
[What's This?]
Today, you are likely to spend a great deal of time driving to a factory outlet wanting to buy either a wall poster commemorating Thor Heyerdahl's Pacific crossing aboard the Kon-Tiki or decorative garden figurines. Be on the lookout for neighborhood pets, especially belligerent parrots.
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This isn't me! What am I?
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The average length of a "business lunch" is about 36 minutes.
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"Don't waste your effort on a thing that results in a petty triumph unless you are satisfied with a life of petty issues. " -- John D. Rockefeller, industrialist
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AFRA
Average Freight Rate Assessment
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