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SPATIAL: A modifying term used to indicate a connection or relation to space, and by inference the study of urban and regional economics, as suggested by the term spatial differentiation (which means differences in the concentration of economic activity across space). This term is commonly used to make people some exceedingly intelligent by asking questions like "Did you consider spatial factors in your analysis?" However, in so doing be careful that the word is pronounced "spatial", not "special." This just confuses the situation.
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MARGINAL PRODUCT CURVE A curve that graphically illustrates the relation between marginal product and the quantity of the variable input, holding all other inputs fixed. This curve indicates the incremental change in output at each level of a variable input. The marginal product curve is one of three related curves used in the analysis of the short-run production of a firm. The other two are total product curve and average product curve. The marginal product curve plays in key role in the economic analysis of short-run production by a firm.
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The wealthy industrialist, Andrew Carnegie, was once removed from a London tram because he lacked the money needed for the fare.
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"Our vision controls the way we think and, therefore, the way we act . . . The vision we have of our jobs determines what we do and the opportunities we see or don't see. " -- Charles Koch, executive
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IER
International Economic Review
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