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EXCHANGE RATE MECHANISM: The system used to link the euro to the currencies of European Union member nations that do not immediately participate in the use of the euro. Linkages with these non-participating European Union member nations is voluntary, but designed to ease their transition into full-blown use of the euro.
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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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OPPORTUNITY COST, PRODUCTION POSSIBILITIES The production possibilities analysis, which is the alternative combinations of two goods that an economy can produce with given resources and technology, can be used to illustrate opportunity cost--the highest valued alternative foregone in the pursuit of an activity.
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BLACK DISMALAPOD
[What's This?]
Today, you are likely to spend a great deal of time searching for a specialty store hoping to buy either a how-to book on home remodeling or a tall storage cabinet with five shelves and a secure lock. Be on the lookout for slightly overweight pizza delivery guys.
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Two and a half gallons of oil are needed to produce one automobile tire.
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"Failure will never overtake me if my determination to succeed is strong enough." -- Og Mandino, Author and Speaker
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FOB
Free on Board
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