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The Economic System
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achieved adjustment amount applied assumed attainment available supply average cost behavior capitalistic capitalistic system Chapter combination competition consumption culture curve of marginal decisions decreasing cost decreasing total output demand determined diminishing returns distribution of income duction economic system efficient ends equal equations equilibrium example fact factor X factors of production human increase increment individual industry institutions interest investment labor and land least costly leisure less marginal cost marginal product marginal rate marginal satisfactions marginal substitution maximum aggregate satisfaction maximum satisfaction MC/N means of production measured ment methods of production necessary nomic number of firms organized Oskar Lange persons physical units possible practice principle problem productive process proportional purchase quantity of capital quantity of factor rate of substitution reduce regarded relatively result shoe social society sumers supply of capital tend theory tion TMS/N vote W. I. Thomas yield