|
|
DECREASING MARGINAL RETURNS: In the short-run production of a firm, an increase in the variable input results in a decrease in the marginal product of the variable input. Decreasing marginal returns typically surface after the first few quantities of a variable input are added to a fixed input. Compare this with increasing marginal returns. You should also compare this with diseconomies of scale associated with long-run production.
Visit the GLOSS*arama
|
|
|
|
                          
MONEY CHARACTERISTICS: Almost any item, any asset, any "thing" can function as money so long as it is generally accepted as payment. In fact, a lot of different "things" have been used as money over the centuries. While a number of "things" have been used as money, some have worked better than others. Those "things" that didn't work so well were replaced by other "things" that worked better. Those "things" that worked best tended to have four basic characteristics: (1) durability, (2) divisibility, (3) transportability, and (4) noncounterfeitability. See also | money | money functions | barter | currency | checkable deposits |
Recommended Citation:MONEY CHARACTERISTICS, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2024. [Accessed: October 10, 2024].
AmosWEB Encyclonomic WEB*pedia:Additional information on this term can be found at: WEB*pedia: money characteristics
Search Again?
Back to the GLOSS*arama
|
|
|
GOOD A physical, tangible item or product used to satisfy wants and needs. A good is produced using society's resources and represents a fundamental aspect of the economy. Limited resources are used to produced the goods that satisfy unlimited wants and needs in an ongoing effort to address the problem of scarcity.
Complete Entry | Visit the WEB*pedia |
|
|
PINK FADFLY
[What's This?]
Today, you are likely to spend a great deal of time wandering around the shopping mall looking to buy either a large, stuffed giraffe or a birthday greeting card for your aunt. Be on the lookout for neighborhood pets, especially belligerent parrots.
Your Complete Scope
This isn't me! What am I?
|
|
|
Cyrus McCormick not only invented the reaper for harvesting grain, he also invented the installment payment for selling his reaper.
|
|
|
"Every generation of Americans needs to know that freedom exists not in doing what we like, but in having the right to do what we ought. " -- Pope John Paul II
|
|
BEA
Bureau of Economic Analisys
|
|
|
Tell us what you think about AmosWEB. Like what you see? Have suggestions for improvements? Let us know. Click the User Feedback link.
User Feedback
|
|
