|
|
ECONOMIC GOALS: The five basic conditions of the mixed economy that are generally desired by society. We typically divide these five into macro goals (full employment, stability and economic growth) and micro goals (efficiency and equity).
Visit the GLOSS*arama
|
|
|
|
|
Lesson 14: Production | Unit 2: Production Measures
|
Page: 8 of 25
|
|
Topic:
Marginal Product
|
|
|
- A definition of marginal product:
- Marginal product is the change in the quantity of total product resulting from a unit change in a variable input, keeping all other inputs unchanged.
- Marginal product shows how much total product changes when one additional worker is added to the product process.
- It is found by dividing the change in total product by the change in the variable input and is calculated using this formula:
| marginal product (MP) | = | change in total product
change in variable input |
|
|
|
|
|
|
|
ALLOCATIVE EFFICIENCY Obtaining the most consumer satisfaction from available resources. In other words, resources are allocated in such a way that consumer satisfaction is at its highest possible level. This is also termed either efficiency or economic efficiency.
Complete Entry | Visit the WEB*pedia |
|
|
BROWN PRAGMATOX
[What's This?]
Today, you are likely to spend a great deal of time searching the newspaper want ads hoping to buy either a set of steel-belted radial snow tires or a wall poster commemorating the 2000 Presidential election. Be on the lookout for pencil sharpeners with an attitude.
Your Complete Scope
This isn't me! What am I?
|
|
|
John Maynard Keynes was born the same year Karl Marx died.
|
|
|
"Don't be distracted by criticism. Remember the only taste of success some people have is when they take a bite out of you." -- Zig Ziglar
|
|
BCD
Business Cycle Development
|
|
|
Tell us what you think about AmosWEB. Like what you see? Have suggestions for improvements? Let us know. Click the User Feedback link.
User Feedback
|
|
