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MARGINAL PRODUCT: The change in the quantity of total product resulting from a unit change in a variable input, keeping all other inputs unchanged. Marginal product, usually abbreviated MP, is found by dividing the change in total product by the change in the variable input. Marginal product lies at the very foundation of the analysis of short-run production and the subsequent explanation of the law of supply and the upward-sloping supply curve, using the law of diminishing marginal returns.
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Lesson Contents
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Unit 1: Economics |
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Unit 2: Doing Economics |
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Unit 3: The Economy |
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Unit 4: Economic Goals |
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Unit 5: Economic Policies | |
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Economic Basics
This lesson provides an introduction and overview of economics. You'll come across a number of basic concepts and terms. The full importance of these might not be apparent until later lessons, but they WILL be important. Like other lessons to come, this one is divided into five units. - The first unit, Economics, offers up a definition of economics and provides two useful lists -- the three questions of allocation and the seven rules of economics.
- The second unit, Doing Economics, explores the practice of economics, including positive and normative economics, macroeconomics and microeconomics, and six common logical fallacies.
- In the third unit, An Economy, we turn our attention to real world economies that contain a mix of markets and governments.
- We then examine the five basic goals of a mixed economy in the fourth unit, Economic Goals, including the three macro goals of full employment, stability, and growth; and the two micro goals of efficiency and equity.
- The fifth and final unit in this lesson, Economic Policies, considers assorted economic policies that governments use to achieve the five economic goals.
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HOUSEHOLD SECTOR The aggregate macroeconomic sector that includes the entire wants and-needs-satisfying population of the economy. The primary economic role of the household sector is consumption. The share of gross domestic product purchased by the household sector is termed consumption expenditures. This is one of four macroeconomic sectors. The other three are business sector, government sector, and foreign sector.
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ORANGE REBELOON
[What's This?]
Today, you are likely to spend a great deal of time at a garage sale wanting to buy either a rechargeable battery for your cell phone or a T-shirt commemorating the 2000 Olympics. Be on the lookout for defective microphones.
Your Complete Scope
This isn't me! What am I?
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The penny is the only coin minted by the U.S. government in which the "face" on the head looks to the right. All others face left.
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"When the solution is simple, God is answering." -- Albert Einstein
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DTI
Department of Trade and Industry (UK)
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