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VARIABLE FACTOR OF PRODUCTION: An input whose quantity can be changed in the time period under consideration. This usually goes by the shorter term fixed input and should be immediately compared and contrasted with fixed factor of production, which goes by the shorter term fixed input. The most common example of a variable factor of production is labor. A variable factor of production provides the extra inputs that a firm needs to expand short-run production. In contrast, a fixed factor of production, like capital, provides the capacity constraint in production. As larger quantities of a variable factor of production, like labor, are added to a fixed factor of production like capital, the variable factor of production becomes less productive.
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Lesson Contents
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Unit 1: Selling Basics |
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Unit 2: Law of Supply |
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Unit 3: Supply Curve |
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Unit 4: Determinants |
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Unit 5: Scarcity | |
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Market Supply
This supply lesson provides an introduction, not only into Stuffed Amigo selling behavior, but into selling a wide range of other goods, even goods that aren't cute and cuddly. In fact, this supply topic does more than offer insight into selling behavior. It's also the second half of the market analysis -- the first half being demand. And to reiterate what I noted during the demand lesson, market analysis is one of the most widely used tools in the study of economics for explaining a lot of economic phenomenon. Of course to use markets, we now need to consider supply. - The first unit of this lesson, Selling Basics, introduces the basic concept of supply and a few related terms such as supply price and quantity supplied.
- In the second unit, Law of Supply, we move into a discussion of the law of supply, which captures the basic relation between supply price and quantity supplied.
- The third unit, Supply Curve, then develops the supply curve, which is the graphical embodiment of the supply concept.
- Moving onto the fourth unit, Determinants, we examine how the five basic supply determinants cause the supply curve to shift from one location to another.
- And in the fifth and final unit, Scarcity, we make a connection between supply and the limited resources part of scarcity.
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MARGINAL PRODUCT CURVE A curve that graphically illustrates the relation between marginal product and the quantity of the variable input, holding all other inputs fixed. This curve indicates the incremental change in output at each level of a variable input. The marginal product curve is one of three related curves used in the analysis of the short-run production of a firm. The other two are total product curve and average product curve. The marginal product curve plays in key role in the economic analysis of short-run production by a firm.
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GREEN LOGIGUIN
[What's This?]
Today, you are likely to spend a great deal of time flipping through mail order catalogs hoping to buy either a flower arrangement with daisies and carnations for your uncle or a coffee cup commemorating next Thursday. Be on the lookout for telephone calls from long-lost relatives.
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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"Courage is the ladder on which all the other virtues mount." -- Claire Boothe Luce, diplomat, writer
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PWAC
Present Worth of Annual Costs
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