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LEGAL CLAIMS: Ownership of the physical goods, services, and resources that make up the real side of the economy. Legal claims are a key feature of the paper, or financial side of the economy. Transferring legal claims is the primary method of diverting income from household saving to investment and government borrowing. Legal-claim buyers loan income and legal-claim sellers borrower income.
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Lesson 14: Production | Unit 2: Production Measures
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Page: 9 of 25
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- THE fundamental principle of short-run production illustrated by these marginal product numbers is the law of diminishing marginal returns.
- The law of diminishing marginal returns is a principle stating that as more and more of a variable input is added to a fixed input, the marginal product of the variable input eventually declines.
- Two types of marginal returns are actually illustrated here.
- Increasing Marginal Returns.
- Decreasing Marginal Returns.
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AVERAGE FACTOR COST CURVE, PERFECT COMPETITION A curve that graphically represents the relation between average factor cost incurred by a perfectly competitive firm for employing an input and the quantity of input used. Because average factor cost is essentially the price of the input, the average factor cost curve is also the supply curve for the input. The average factor cost curve for a perfectly competitive firm with no market control is horizontal. The average revenue curve for a firm with market control is positively sloped.
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RED AGGRESSERINE
[What's This?]
Today, you are likely to spend a great deal of time at a flea market trying to buy either a New York Yankees baseball cap or a solid oak entertainment center. Be on the lookout for mail order catalogs with hidden messages.
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The first paper notes printed in the United States were in denominations of 1 cent, 5 cents, 25 cents, and 50 cents.
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"I believe that every right implies a responsibility, every opportunity, an obligation, every possession, a duty. " -- John D. Rockefeller, industrialist
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AACCLA
Association of American Chambers of Commerce in Latin America
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