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INDUSTRY: A group of firms producing goods or services that are close substitutes-in-consumption. The similarity of the products makes it possible to analyze the production in a market framework. An industry can be broadly defined, such as the manufacturing industry, or narrowly specified, such as the root beer industry. For most economic analysis the term industry is used interchangeably with the term market.

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Lesson 6: Market Supply | Unit 5: Scarcity Page: 18 of 19

Topic: Limited Resources <=PAGE BACK | PAGE NEXT=>

Supply is directly connected to the scarcity problem, especially limited resources.
  • Scarcity exists because society has limited resources, but unlimited wants and needs.
  • Markets were developed as a means of addressing the problem of scarcity:
    • The supply side of the market comes from the 'limited resources' side of the scarcity problem.
    • The demand side of the market comes from the 'unlimited wants and needs' side of the scarcity problem.

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MARGINAL REVENUE PRODUCT CURVE

A curve that graphically illustrates the relation between marginal revenue product and the quantity of the variable input, holding all other inputs fixed. This curve indicates the incremental change in total revenue for incremental changes in the variable input. The marginal revenue product curve plays a key role in marginal productivity theory and the economic analysis of factor markets.

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Helping spur the U.S. industrial revolution, Thomas Edison patented nearly 1300 inventions, 300 of which came out of his Menlo Park "invention factory" during a four-year period.
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