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INDUSTRY: A group of firms producing goods or services that are close substitutes-in-consumption. The similarity of the products makes it possible to analyze the production in a market framework. An industry can be broadly defined, such as the manufacturing industry, or narrowly specified, such as the root beer industry. For most economic analysis the term industry is used interchangeably with the term market.

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Lesson 14: Production | Unit 2: Production Measures Page: 6 of 25

Topic: Total Product <=PAGE BACK | PAGE NEXT=>

  • A definition: total product.

  • Total product is the total quantity of output produced by a firm for a range of different variable input quantities.
  • Total product is simply the total amount of output produced in a given period.

  • In the short run, total product is relation between total output and the quantity of the variable input.

  • The Pretzel Haven's hourly production of pretzels is presented in this table.

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INCENTIVE

A cost or benefit that motivates a resource allocation decision or other action by consumers, businesses, or other participants in the economy. Incentives can be monetary or nonmonetary. A few of the more important incentives affecting economic decisions are prices, taxes, and government regulations.

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Today, you are likely to spend a great deal of time searching for a specialty store trying to buy either clothing for your kitty cats or a set of luggage without wheels. Be on the lookout for the happiest person in the room.
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The first "Black Friday" on record, a friday marked by a major financial catastrophe, occurred on September 24, 1869 -- A FRIDAY -- when an attempted cornering of the gold market induced a financial crises and economy-wide depression.
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