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APP: The abbreviation of average physical product, which is the quantity of total output produced per unit of a variable input, holding all other inputs fixed. Average physical product, usually abbreviated APP, is found by dividing total physical product by the quantity of the variable input. Average physical product is actually just another name for average product (AP). But don't be confused by the extra term (physical).

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CAPITAL: One of the four basic categories of resources, or factors of production. It includes the manufactured (or previously produced) resources used to manufacture or produce other things. Common examples of capital are the factories, buildings, trucks, tools, machinery, and equipment used by businesses in their productive pursuits. Capital's primary role in the economy is to improve the productivity of labor as it transforms the natural resources of land into wants-and-needs-satisfying goods.

     See also | resources | factors of production | labor | land | entrepreneurship | business | production | natural resources | satisfaction | scarcity | limited resources | factory | investment |


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CAPITAL, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2025. [Accessed: July 3, 2025].


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MARGINAL COST OF SEARCH

The incremental cost incurred by additional search effort is the marginal cost of search. Marginal cost of search, also termed marginal search cost, is comparable to marginal cost of short-run production analysis. Marginal cost of search increases with an increase in search effort and is represented by the marginal cost of search curve. This is one half of the efficient information search decision. The other is marginal benefit of search.

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Today, you are likely to spend a great deal of time flipping through the yellow pages looking to buy either a replacement remote control for your stereo system or a computer that can play video games and burn DVDs. Be on the lookout for telephone calls from former employers.
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A lump of pure gold the size of a matchbox can be flattened into a sheet the size of a tennis court!
"Far and away the best prize that life has to offer is the chance to work hard at work worth doing."

-- Theodore Roosevelt, 26th US president

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