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AGGREGATE PRODUCTION FUNCTION: A relation between the total production of real output for an economy and the amount of labor input. The aggregate production function is comparable to the standard production function used in the microeconomic analysis of firm behavior but is applied to the macroeconomic study of aggregate supply, resource markets, and employment. It is typically assumed to experience diminishing marginal returns, resulting in a decreasing marginal product of labor.

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LAW: Generally accepted, verified, fundamental principle of nature. Laws have been tested and verified through the scientific method. As a house is constructed from concrete, lumber, and nails, a theory is constructed from laws. To be a fundamental law of nature, a principle must capture a cause-and-effect relationship about the workings of the world.

     See also | principle | scientific method | science | theory | hypothesis | verification | cause and effect | economic analysis | law of demand | Giffen good | law of increasing opportunity cost | law of supply | law of diminishing marginal utility | law of diminishing marginal returns |


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IMPLICIT COLLUSION

Seemingly independent, but parallel, actions among competing firms (mostly oligopolistic firms) in an industry designed to control the market, raise the price, and otherwise act like a monopoly. Also termed tacit collusion, the distinguishing feature of implicit collusion is the lack of any explicit agreement. This is one of two types of collusion. The other is explicit or overt collusion, which involves an explicit agreement.

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Today, you are likely to spend a great deal of time wandering around the downtown area hoping to buy either a coffee table shaped like the state of Florida or storage boxes for your summer clothes. Be on the lookout for door-to-door salesmen.
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In the Middle Ages, pepper was used for bartering, and it was often more valuable and stable in value than gold.
"Concentration is the secret of strength in politics, in war, in trade, in short in all management of human affairs. "

-- Ralph Waldo Emerson, philosopher, poet

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