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KNOWLEDGE ECONOMY: The notion that economic activity is oriented on the production and consumption of knowledge (or information), which is fundamentally different from economic activity oriented on the production and consumption of manufacturing or agricultural goods. The key to the knowledge economy is the widespread use of computers, the Internet, and other information-based technology. Differences in the knowledge economy result for the public goods nature of knowledge and information (that is, use by one does not exclude use by another).
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Lesson 14: Production | Unit 2: Production Measures
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Page: 8 of 25
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Topic:
Marginal Product
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- 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 |
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AGGREGATE SUPPLY INCREASE, LONG-RUN AGGREGATE MARKET A shock to the long-run aggregate market caused by an increase in aggregate supply, resulting in and illustrated by a rightward shift of the long-run aggregate supply curve. An increase in aggregate supply in the long-run aggregate market results in a decrease in the price level and an increase in real production. The level of real production resulting from the shock is a greater level of full-employment real production.
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WHITE GULLIBON
[What's This?]
Today, you are likely to spend a great deal of time at a going out of business sale looking to buy either a bookshelf that will fit in your closet or a birthday greeting card for your grandfather. Be on the lookout for mail order catalogs with hidden messages.
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This isn't me! What am I?
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The first paper currency used in North America was pasteboard playing cards "temporarily" authorized as money by the colonial governor of French Canada, awaiting "real money" from France.
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"Old age isn't so bad when you consider the alternative. " -- Cato, Roman orator
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AASB
American Assocation of Small Business
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