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VARIABLE INPUT: An input whose quantity can be changed in the time period under consideration. This should be immediately compared and contrasted with fixed input. The most common example of a variable input is labor. A variable input provides the extra inputs that a firm needs to expand short-run production. In contrast, a fixed input, like capital, provides the capacity constraint in production. As larger quantities of a variable input, like labor, are added to a fixed input like capital, the variable input becomes less productive. This is, by the way, the law of diminishing marginal returns.
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HOUSEHOLD SECTOR: The basic macroeconomic sector that includes the entire, wants and-needs-satisfying population of the economy. The household sector is the eating, breathing, consuming population of the economy. In a word "everyone," all consumers, all people. This sector includes everyone seeking to satisfy unlimited wants and needs. While it's called "household" sector, this doesn't require that you own a house, live in a house, or even know someone has ever seen a house to be included. The term household sector is merely a short-cut used by economists to indicate the consuming, wants-and-needs-satisfying population. See also | household | gross domestic product | technology | labor force | human capital | circular flow |
Recommended Citation:HOUSEHOLD SECTOR, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2021. [Accessed: October 24, 2021].
AmosWEB Encyclonomic WEB*pedia:Additional information on this term can be found at: WEB*pedia: household sector
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PERFECT COMPETITION, EFFICIENCY Perfect competition is an idealized market structure that achieves an efficient allocation of resources. This efficiency is achieved because the profit-maximizing quantity of output produced by a perfectly competitive firm results in the equality between price and marginal cost. In the short run, this involves the equality between price and short-run marginal cost. In the long run, this is seen with the equality between price and long-run marginal cost at the minimum efficient scale of production.
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BEIGE MUNDORTLE
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Today, you are likely to spend a great deal of time searching for a specialty store hoping to buy either an instructional DVD on learning to the play the oboe or a small, foam rubber football. Be on the lookout for high interest rates.
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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.
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"Do not let what you cannot do interfere with what you can do. " -- John Wooden, basketball coach
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NYFE
New York Futures Exchange
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