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AP: The abbreviation for average product, which is the quantity of total output produced per unit of a variable input, holding all other inputs fixed. It is found by dividing total product by the quantity of the variable input. Average product, abbreviated AP also goes by the alias of average physical product (APP), so don't be confused by the extra term (physical).
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SCARCE RESOURCES Labor, capital, land, and entrepreneurship used by society to produce consumer satisfying goods and services. Scarce resources, also termed just resources, are often given the more descriptive term factors of production.
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PINK FADFLY
[What's This?]
Today, you are likely to spend a great deal of time at a dollar discount store wanting to buy either a coffee cup commemorating the 1960 Presidential election or a how-to book on fixing your computer, with illustrations. Be on the lookout for malfunctioning pocket calculators.
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Okun's Law posits that the unemployment rate increases by 1% for every 2% gap between real GDP and full-employment real GDP.
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"The will to win is important, but the will to prepare is vital. " -- Joe Paterno, football coach
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PSID
Panel Study of Income Dynamics
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