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PHYSICAL SCIENCE: The scientific study of nonhuman, nonsociety phenomenon, such as atoms, planets, wildlife, and continental drift. Common disciplines that study these physical phenomenon go by the names physics, chemistry, biology, geology, and astronomy, among others. The primary reason for this entry is to provide a contrast with social sciences, especially economics, that study human behavior and society.
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Lesson 22: Factor Supply | Unit 2: Resources
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Page: 10 of 25
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Topic:
Land: Space And Materials
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- Land provides two important productive services -- space and materials.
- Space: First, land provides a place to locate things, especially productive resources like factories.
- Materials: Second, land is the resource category that provides the raw materials transformed into physical products.
- The factor supply of land services depends on which aspect of land is being supplied.
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INNOVATION PROFIT Economic profit, the difference between the total revenue received by a firm and the total opportunity cost of production, that is attributable to innovation, the initial application of new products, technologies, or ideas. Innovation profit is one of two sources of economic profit. The other is monopoly profit that arises due to market control. The generation of innovation profit is an important incentive that by rewarding individual innovative behavior enables society-wide benefits from the resulting innovations.
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GREEN LOGIGUIN
[What's This?]
Today, you are likely to spend a great deal of time looking for the new strip mall out on the highway hoping to buy either a case for your designer sunglasses or arch supports for your shoes. Be on the lookout for rusty deck screws.
Your Complete Scope
This isn't me! What am I?
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Natural gas has no odor. The smell is added artificially so that leaks can be detected.
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"Laughter is the shortest distance between two people. " -- Victor Borge, musician, humorist
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ACRS
Accelerated Cost Recovery System
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