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ECU: The abbreviation of the European Currency Unit, which is the forerunner of the euro that will be officially introduced in the European Union in 2002. The European Currency Unit is the weighted average of the currencies of the twelve original nations of the European Union. In that there are is no paper currency yet, it is currently used primarily for big-time commercial, financial, and international transactions.
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PRODUCTION: The process of transforming the natural resources of the land into consumer satisfying consumption and capital goods using scarce resources. In a world of scarcity, with unlimited wants and needs and limited resources, living standards are enhanced by transforming the planet's raw materials, that don't provide much satisfaction in their natural state, into goods, that provide more satisfaction. See also | resources | factors of production | labor | capital | land | entrepreneurship | limited resources | unlimited wants and needs | scarcity | consumption | living standard | satisfaction | short-run production | output | goods | services | gross domestic product |
Recommended Citation:PRODUCTION, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2021. [Accessed: May 16, 2021].
AmosWEB Encyclonomic WEB*pedia:Additional information on this term can be found at: WEB*pedia: production
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INCREASING MARGINAL RETURNS In the short-run production by a firm, an increase in the variable input results in an increase in the marginal product of the variable input. Increasing marginal returns typically surface when the first few quantities of a variable input are added to a fixed input. This is one of two alternatives for marginal returns. The other is decreasing marginal returns. A related phenomenon for long-run production is increasing returns to scale.
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ORANGE REBELOON
[What's This?]
Today, you are likely to spend a great deal of time touring the new suburban shopping complex hoping to buy either a computer that can play video games and burn DVDs or a black duffle bag with velcro closures. Be on the lookout for small children selling products door-to-door.
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On a typical day, the United States Mint produces over $1 million worth of dimes.
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"We succeed only as we identify in life, or in war, or in anything else, a single overriding objective, and make all other considerations bend to that one objective. " -- President Dwight D. Eisenhower
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ACRS
Accelerated Cost Recovery System
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