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July 18, 2025 

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AP: The abbreviation for average product, which is the quantity of total output produced per unit of a variable input, holding all other inputs fixed. It is found by dividing total product by the quantity of the variable input. Average product, abbreviated AP also goes by the alias of average physical product (APP), so don't be confused by the extra term (physical).

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NEGOTIABLE ORDER OF WITHDRAWAL ACCOUNTS: Interest-paying checking accounts maintained by commercial banks, savings and loan associations, and mutual savings banks. These function much like standard demand deposit checking accounts in that the funds can be withdrawn "on demand" by writing a check, but an interest is paid on the outstanding balance. Negotiable order of withdrawal (NOW) accounts are one type of checkable deposits. Others are demand deposits (standard checking accounts), share draft accounts, and automatic transfer service (ATS) accounts.

     See also | checkable deposits | demand deposits | share draft accounts | automatic transfer service accounts | currency | Federal Reserve notes | near monies | plastic money | money | liquidity | medium of exchange | proprietorship | corporation | money | money functions | medium of exchange | M1 | saving | liquidity | banks | financial markets | business | money creation | fractional-reserve banking | banking | Federal Reserve System | monetary economics | monetary base | monetary policy | debit card | monetary economics |


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INELASTIC SUPPLY

The general elasticity relation in which relatively large changes in price cause relatively small changes in quantity supplied. Large changes in price cause relatively small changes in quantity supplied or the percentage change in quantity supplied is smaller than the percentage change in price. This characterization of elasticity is most important for the price elasticity of supply. Inelastic supply is one of two general elasticity relations for supply. The other is elastic supply.

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The earliest known use of paper currency was about 1270 in China during the rule of Kubla Khan.
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AACCLA
Association of American Chambers of Commerce in Latin America
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