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ORDINAL: A measurement based on a ranking, such as first, second, and third, that enables a relative comparison of more or less. Relative comparability means, for example, that first is more than second and second is more than third, but how much more is not known. Cardinal measures, which use a quantitative measurement scale, is an alternative type of measure. An ordinal measure can be thought of as a list for high to low, good to bad, top to bottom, and are often based on subjective evaluations of items. The notion of ordinal measurement is most often seen in the economic analysis of indifference curves and utility.
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Lesson 14: Aggregate Supply | Unit 5: Connections
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Page: 19 of 20
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Government can use supply-management policies to shift the aggregate supply curves.- Supply-management policies have been less popular among politicians because they tend to be slower than demand-management policies.
- Politicians tend to prefer faster demand-management policies when seeking to replace the slow-moving automatic mechanism.
Supply-management policies:- Business deregulation to reduce production cost.
- Tax policies that stimulate capital investment.
- Technology and education that increase capital and labor quality.
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MARGINAL RETURNS The change in the quantity of total product resulting from a unit change in a variable input, holding all other inputs fixed. Marginal returns is an older and more generic term for marginal product. While marginal product has largely replaced marginal returns in most discussions of short-run production, the phrase does persist in a few terms like the law of diminishing marginal returns.
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YELLOW CHIPPEROON
[What's This?]
Today, you are likely to spend a great deal of time strolling through a department store trying to buy either a looseleaf notebook binder or hand lotion, a big bottle of hand lotion. Be on the lookout for slow moving vehicles with darkened windows.
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This isn't me! What am I?
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It's estimated that the U.S. economy has about $20 million of counterfeit currency in circulation, less than 0.001 perecent of the total legal currency.
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"All labor that uplifts humanity has dignity and importance and should be undertaken with painstaking excellence. " -- Martin Luther King Jr., civil rights leader
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EMS
European Monetary System
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