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MARGINAL PHYSICAL PRODUCT: The change in the quantity of total product resulting from a unit change in a variable input, keeping all other inputs unchanged. Marginal physical product, usually abbreviated MPP, is found by dividing the change in total product by the change in the variable input. Marginal physical product usually goes by the shorter name marginal product.
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CURVE: A line with a non-constant, or changing, slope. In technical circles, the word "line" is often used if the slope is constant and the word "curve" is used to mean the slope is not constant. However, economics often uses the terms line and curve interchangeably, as in "demand line" or "demand curve." Unless your course is taught be an economist with a really strong mathematical inclination, you too can safely use both terms interchangeably. See also | slope | graph |
Recommended Citation:CURVE, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2023. [Accessed: May 29, 2023].
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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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BLACK DISMALAPOD
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Today, you are likely to spend a great deal of time strolling through a department store wanting to buy either a wall poster commemorating the first day of spring or a lazy Susan for you dining room table. Be on the lookout for malfunctioning pocket calculators.
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A thousand years before metal coins were developed, clay tablet "checks" were used as money by the Babylonians.
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"The man who does not read good books has no advantage over the man who cannot read them. " -- Mark Twain
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RJE
RAND Journal of Economics
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