Principles of Economics |
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Page v
... diminishing returns , 56 Agents of production , 60 The best combination of the agents of production , 60 Average product and marginal product , 63 Cost per unit of output , 64 Lowest unit cost for marginal entrepreneurs , 65 Lowest unit ...
... diminishing returns , 56 Agents of production , 60 The best combination of the agents of production , 60 Average product and marginal product , 63 Cost per unit of output , 64 Lowest unit cost for marginal entrepreneurs , 65 Lowest unit ...
Page vi
... Diminishing returns and increasing expenses of pro- duction , 224 Entrepreneurs ' differential expenses and increasing cost , 226 Forces counteracting increasing cost , 227 · Increasing cost and the incidence of new unit costs , 230 ...
... Diminishing returns and increasing expenses of pro- duction , 224 Entrepreneurs ' differential expenses and increasing cost , 226 Forces counteracting increasing cost , 227 · Increasing cost and the incidence of new unit costs , 230 ...
Page 10
... diminishing returns . As originally set forth , this law states that if certain natural resources and knowledge of the arts are given , every increase in population will tend to result in a larger total product but a constantly diminishing ...
... diminishing returns . As originally set forth , this law states that if certain natural resources and knowledge of the arts are given , every increase in population will tend to result in a larger total product but a constantly diminishing ...
Page 56
... diminishing returns . The Law of Diminishing Returns . The following is a state- ment of this law as given by John Stuart Mill , the great English economist , writing in 1848. " After a certain , and not very advanced , stage in the ...
... diminishing returns . The Law of Diminishing Returns . The following is a state- ment of this law as given by John Stuart Mill , the great English economist , writing in 1848. " After a certain , and not very advanced , stage in the ...
Page 57
... diminishing returns is reached when the labor of three men with necessary equipment is applied to 300 acres of land . From this it would follow that even if land were so abundant that it was a free good , men would not cultivate more ...
... diminishing returns is reached when the labor of three men with necessary equipment is applied to 300 acres of land . From this it would follow that even if land were so abundant that it was a free good , men would not cultivate more ...
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Common terms and phrases
agents of production agricultural amount average business cycle buyers cent circulating media combination commodity competition consumers cost of production curve decline decreasing cost deposits diminishing returns distribution dollars duction earnings economic economic rent effect efficient employed employers entrepreneurs expense exports fact factors of production fall farmers Federal Reserve Banks Federal Reserve notes fluctuations forces foreign ginal gold important increase industry investment labor and capital land less loans machine manufacturing marginal cost marginal productivity marginal utility ment monopoly normal price output payment period plant population price level productivity of labor profits purchasing power quantity railroad rate of interest raw materials real wages reduced relatively rent result retail rise sell sellers social socialist sumers supply tariff taxation tend theory tion total unit cost trade unions variable agents wage-earners wheat wholesale workers
Popular passages
Page 56 - After a certain, and not very advanced, stage in the progress of agriculture,1 it is the law of production from the land, that in any given state of agricultural skill and knowledge...
Page 28 - In the same class must be ranked some, both of the gravest and most important, and some of the most frivolous professions — churchmen, lawyers, physicians, men of letters of all kinds ; players, buffoons, musicians, opera-singers, opera-dancers, &c.
Page 79 - As it is the power of exchanging that gives occasion to the division of labor, so the extent of this division must always be limited by the extent of that power, or, in other words, by the extent of the market. When the market is very small, no person can have any encouragement to dedicate himself entirely to one employment, for want of the power to exchange all that surplus part of the produce of his own labor, which is over and above his own consumption, for such parts of the produce of other men's...
Page 356 - In a state of commerce in which much credit is habitually given, general prices at any moment depend much more upon the state of credit than upon the quantity of money.
Page 355 - So that the value of money, other things being the same, varies inversely as its quantity ; every increase of quantity lowering the value, and every diminution raising it, in a ratio exactly equivalent.
Page 356 - The supply of money, then, is the quantity of it which people are wanting to lay out ; that is, all the money they have in their possession, except what they are hoarding, or at least keeping by them as a reserve for future contingencies. The supply of money, in short, is all the money in circulation at the time.
Page 298 - Commission shall ascertain and report in detail as to each piece of property owned or used by said common carrier for its purposes as a common carrier, the original cost to date, the cost of reproduction new, the cost of reproduction less depreciation, and an analysis of the methods by which these several costs are obtained, and the reason for their differences, if any.
Page 527 - But whether we will or not, the group system is here to stay, and every statesman and every man interested in public affairs must recognize that it has to be dealt with as a condition, to be favored in such a way as to minimize its abuses and to increase its utility.
Page 321 - These amounts are not included in the total since the money held in trust against gold and silver certificates and Treasury notes of 1890 is included under gold coin and bullion and standard silver dollars, respectively.
Page 618 - Waste from excessive seasonal character of production and distribution. 3. Waste caused through lack of information as to national stocks, of production and consumption with its attendant risk and speculation. 4. Waste from lack of standards of quality and grades. 5. Waste from unnecessary multiplication...