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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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                           VOLUNTARY EXCHANGE: The process of willingly trading one valuable commodity (good, service, or resource) for another. The key term is "willingly," which distinguishes voluntary exchanges from involuntary exchanges, such as those created by government taxes. Voluntary exchanges are the foundation of market transactions. Market transactions rely on voluntary exchanges. Buyers voluntarily trade money for a good and sellers voluntary trade a good for money. Neither buyers nor sellers are forced to engage in the exchange. They do so of their own free will.A Voluntary ExchangeSuppose, for example, that Edgar Millbottom, Shady Valley's resident teenage musical connoisseur, has come across a shoebox full of classic 8-track tapes, containing the memorable works of Englebert Humperdink, while rummaging through his attic. Because Edgar's musical tastes run more in the direction of rock groups like Live Headless Squirrels, he is willing and able to part with these 8-track treasures. A few phone calls, a newspaper ad, and some flyers at the mall, produce an interested party, Pollyanna Pumpernickel, who happens to be a die-hard Humperdink fan.Edgar and Pollyanna are prime candidates for a voluntary exchange; a voluntary exchange that is beneficial to both. Edgar gives up his dust-collecting shoebox of Humperdink 8-track tapes and receives a modest monetary payment. His living standard ratchets up a notch or two. Pollyanna also benefits from this exchange. She parts with a modest monetary payment and receives a treasured set of Englebert Humperdink 8-track tapes. Voluntary for BothThis voluntary exchange only happens if BOTH sides are agreeable. Should Edgar develop a liking for Humperdink music and is not willing to part with these items, then the exchange does not happen. If Pollyanna finds other uses for the modest monetary payment, such as repairing the hole in her roof created by an exploding hot water heater, then the exchange does not happen. Unless BOTH sides want the exchange, it does not happen.
Recommended Citation:VOLUNTARY EXCHANGE, AmosWEB Encyclonomic WEB*pedia, http://www.AmosWEB.com, AmosWEB LLC, 2000-2022. [Accessed: May 28, 2022].
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WHITE GULLIBON
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Today, you are likely to spend a great deal of time going from convenience store to convenience store seeking to buy either a pair of blue silicon oven mitts or a coffee cup commemorating the 2000 Olympics. Be on the lookout for broken fingernail clippers.
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Woodrow Wilson's portrait adorned the $100,000 bill that was removed from circulation in 1929. Woodrow Wilson was removed from circulation in 1924.
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"A pint of sweat saves a gallon of blood. " -- General George Patton
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CPI-W
Consumer Price Index-Urban Wage Earners and Clerical Workers
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