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ADVISORY COUNCILS, FEDERAL RESERVE SYSTEM: Three support committees that provide feedback to the Board of Governors of the Federal Reserve System to assist in its assorted regulatory responsibilities, including Federal Advisory Council, Thrift Institutions Advisory Council, and Consumer Advisory Council. The Federal Advisory Council is a broad ranging council comprise of commercial bankers. The Thrift Institutions Advisory Council is comprised of representatives of thrift institutions. The Consumer Advisory Council is comprised of consumer credit representatives.

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Lesson 14: Production | Unit 2: Production Measures Page: 8 of 25

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

  • 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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CONSUMER CONFIDENCE, AGGREGATE DEMAND DETERMINANT

One of several specific aggregate demand determinants assumed constant when the aggregate demand curve is constructed, and which shifts the aggregate demand curve when it changes. An increase in consumer confidence causes an increase (rightward shift) of the aggregate demand curve. A decrease in consumer confidence causes a decrease (leftward shift) of the aggregate demand curve. Other notable aggregate demand determinants include interest rates, federal deficit, inflationary expectations, and the money supply.

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Today, you are likely to spend a great deal of time searching the newspaper want ads seeking to buy either a revolving spice rack or a how-to book on home repairs. Be on the lookout for crowded shopping malls.
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The average bank teller loses about $250 every year.
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Constant Elasticity of Substitution
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