Changes

*the concept of '''marginal product''' is specific to an input, as in "marginal product of labor," which is the additional overall output (product) produced due to an additional unit of that input (labor).

*the concept of '''marginal product''' is specific to an input, as in "marginal product of labor," which is the additional overall output (product) produced due to an additional unit of that input (labor).

*speaking of inputs, we might as well include this concept:  '''factors of production.'''  These include the four basic resources for a firm or company:  land, labor, capital and entrepreneurship.  Exam questions typically ask most about the input of labor for a firm or company

*speaking of inputs, we might as well include this concept:  '''factors of production.'''  These include the four basic resources for a firm or company:  land, labor, capital and entrepreneurship.  Exam questions typically ask most about the input of labor for a firm or company

*last week's homework assignment had a question that asked about "wealth or consumer surplus."  Consumer surplus is a form of wealth, a savings made possible by the free market.  The buyer is wealthier by the amount of his consumer surplus in a transaction, because consumer surplus is the excess of what he would have paid above what he did pay for something.  It is his net benefit from the transaction

*last week's homework assignment had a question that asked about "wealth or '''consumer surplus'''."  Consumer surplus is a form of wealth, a savings made possible by the free market.  The buyer is wealthier by the amount of his consumer surplus in a transaction, because consumer surplus is the excess of what he would have paid above what he did pay for something.  It is his net benefit from the transaction

== Example 1: Economic Insights into Politics ==

== Example 1: Economic Insights into Politics ==