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 AP: The abbreviation for average product, which is the quantity of total output produced per unit of a variable input, holding all other inputs fixed. It is found by dividing total product by the quantity of the variable input. Average product, abbreviated AP also goes by the alias of average physical product (APP), so don't be confused by the extra term (physical).
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 Lesson 3: Scarcity | Unit 2: Resources Page: 6 of 17

 Topic: Free or Scarce? <=PAGE BACK | PAGE NEXT=>

We have limited resources. Limited resources can be free or scarce.
• Scarce Resource. A resource is scarce if it can't produce all of the goods people want it to produce.
• Scarce resource and scarcity are related. Scarcity is the society-wide condition in which resources are limited related to all wants and needs. Scarce resource is the condition that applies to a specific resource.
• Free Resources. A resource is free if it can produce all of the goods people want it to produce and then some. We can have free resources, even though society faces the condition of scarcity.

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MARGINAL PROPENSITY FOR GOVERNMENT PURCHASES

The change in government purchases induced by a change in income or production (national income or gross domestic product). The marginal propensity for government purchases (abbreviated MPG) is another term for the slope of the government purchases line and is calculated as the change in government purchases divided by the change in income or production. The MPG plays a role in Keynesian economics. It augments the slope of the aggregate expenditures line and is part of the multiplier process. A related marginal measure is the marginal propensity to consume.

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 Junk bonds are so called because they have a better than 50% chance of default, carrying a Standard & Poor's rating of CC or lower.
 "If I have ever made any valuable discoveries, it has been owing more to patient attention than to any other talent. "-- Isaac Newton, mathematician, physicist
 CMEChicago Mercantile Exchange
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