|
|
GDP: The total market value of all goods and services produced within the political boundaries of an economy during a given period of time, usually one year. This is the government's official measure of how much output our economy produces. It's tabulated and reported by the National Income and Product Accounts maintained by the Bureau of Economic Analysis, which is part of the U. S. Department of Commerce. Gross domestic product is one of several measures reported regularly (every three months) by the pointy-headed folks at the Bureau of Economic Analysis.
Visit the GLOSS*arama
|
|
|
|
|
Lesson 15: Cost | Unit 5: Previewing Supply
|
Page: 22 of 24
|
|
Topic:
Production Stages
|
|
|
- The connection between short-run production and short-run cost creates an important role for the three stages of production.
Recall that:- Stage I:
Total product and marginal product both increase, and marginal product is positive.
- Stage II:
Total product increases, but marginal product decreases, and marginal product is positive.
- Stage III:
Total product and marginal product both decrease, and marginal product is negative.
- Most important of all, the law of diminishing marginal returns sets in with the start of Stage II
|
|
|
|
|
|
|
SLOPE, SHORT-RUN AGGREGATE SUPPLY CURVE The positive slope of the short-run aggregate supply curve, reflecting the direct relation between the price level and real production, results for three primary reasons--inflexible resources, frictional and structural unemployment, and purchasing power imbalances.
Complete Entry | Visit the WEB*pedia |
|
|
ORANGE REBELOON
[What's This?]
Today, you are likely to spend a great deal of time waiting for visits from door-to-door solicitors seeking to buy either a birthday gift for your grandfather or a pleather CD case. Be on the lookout for poorly written technical manuals.
Your Complete Scope
This isn't me! What am I?
|
|
|
Rosemary, long associated with remembrance, was worn as wreaths by students in ancient Greece during exams.
|
|
|
"The past is a foreign country; they do things differently there." -- Leslie Poles Hartley, Writer
|
|
AACCLA
Association of American Chambers of Commerce in Latin America
|
|
|
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
|
|
