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MARKETING CONCEPT: Focusing the companyÕs attention on the wants and needs of the customer in the development of products, services, ideas, and strategies. This customer driven focus is throughout the structure of the organization, from the boardroom to the shipping department and every place in between. When a decision is to be made, the question is asked: ÒIs this going to be good for the customer?Ó If the answer is yes, the company is following the marketing concept

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Lesson 14: Production | Unit 3: Product Curves Page: 15 of 25

Topic: Production Stages <=PAGE BACK | PAGE NEXT=>

  • The pattern of production exhibited by the total, average, and marginal product curves gives rise to three distinct production stages:

    Stage I:

    • The total product curve has an increasing positive slope.
    • Stage I is characterized by increasing marginal returns.

    Stage II:

    • The total product curve has a decreasing positive slope.
    • Stage II is characterized by decreasing marginal returns.

    Stage III:

    • The total product curve has a negative slope.
    • Stage III is also characterized by decreasing marginal returns.

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SHORT-RUN AGGREGATE SUPPLY CURVE

A graphical representation of the short-run relation between real production and the price level, holding all ceteris paribus aggregate supply determinants constant. The short-run aggregate supply, or SRAS, curve is one of two curves that graphical capture the supply-side of the aggregate market. The other is the long-run aggregate supply curve (LRAS). The demand-side of the aggregate market is occupied by the aggregate demand curve. The positive slope of the SRAS curve captures the direct relation between real production and the price level that exists in the short run.

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Paper money used by the Commonwealth of Massachusetts prior to the U.S. Revolutionary War, which was issued against the dictates of Britain, was designed by patriot and silversmith, Paul Revere.
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