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BOARD OF GOVERNORS: The policy-making head of the Federal Reserve System. The Board is comprised of 7 members, each serving 14-year terms, with one term expiring every two years. This Board, when joined by five Federal Reserve District Bank presidents forms the Federal Open Market Committee. The Chairman of the Board of Governors is considered to be one of the, if not THE, most powerful individuals in the economy.

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Lesson 14: Production | Unit 2: Production Measures Page: 7 of 25

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

  • A definition of average product:

  • Average product is the quantity of total output produced by a firm per unit of a variable input.
  • Average product is simple the average amount of output produced per worker.

  • Here's a formula for calculating average product from total product:

    average product (AP)=total product
    variable input


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PRINCIPLE

A generally accepted, verified, proven, fundamental law of nature. A principle captures a cause-and-effect relation about the workings of the world that has been tested and verified through the scientific method. The law of demand, law of increasing opportunity cost, and law of diminishing marginal utility are three fundamental (and extremely important) economic principles.

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APLS

BROWN PRAGMATOX
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Today, you are likely to spend a great deal of time visiting every yard sale in a 30-mile radius wanting to buy either a pair of designer sunglasses or looseleaf notebook paper. Be on the lookout for bottles of barbeque sauce that act TOO innocent.
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North Carolina supplied all the domestic gold coined for currency by the U.S. Mint in Philadelphia until 1828.
"I can feel guilty about the past, apprehensive about the future, but only in the present can I act."

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