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TECHNOLOGICAL PROGRESS: An improvement in the ability to use the factors in the production of goods and services. That is, technological progress is an advance in the technical efficiency with which resources are combined in production. In contrast to factor accumulation, technological progress is an increase not in the quantity of the factor of production, but in the ability to transform the existing ones into output. That is, the ability to produce more output with given inputs or fewer inputs for a given output.

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Lesson 14: Production | Unit 3: Product Curves Page: 14 of 25

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  • How total, average, and marginal product react to changes in the variable input is determined by the law of diminishing marginal returns:

    MP curve

    • Note the "hump-shape" of the curve, with increasing marginal product followed by decreasing then negative marginal product.
    • The negatively-sloped portion of the curve is due to the law of diminishing marginal returns.

    TP curve

    • Note that marginal product is the slope of the TP curve.

    AP curve

    • Marginal product and average product are related by the average-marginal rule, which applies to the averages and marginals for any given variable.

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ECONOMIC SCIENCE

The application of the scientific method to economic phenomena and topics related to the fundamental problem of scarcity. Economic science, also termed positive economics, is one of several social sciences that apply the scientific method to the study of human behavior.

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The 1909 Lincoln penny was the first U.S. coin with the likeness of a U.S. President.
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