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Decoupage or découpage ( / ˌdeɪkuːˈpɑːʒ /; [ 1] French: [dekupaʒ]) is the art of decorating an object by gluing colored paper cutouts onto it in combination with special paint effects, gold leaf, and other decorative elements. Commonly, an object like a small box or an item of furniture is covered by cutouts from magazines or from ...
Surplus product (German: Mehrprodukt) is a concept theorised by Karl Marx in his critique of political economy. Roughly speaking, it is the extra goods produced above the amount needed for a community of workers to survive at its current standard of living. Marx first began to work out his idea of surplus product in his 1844 notes on James Mill ...
The utilized amounts of the various inputs determine the quantity of output according to the relationship called the production function. There are four basic resources or factors of production: land, labour, capital and entrepreneur (or enterprise). [ 1] The factors are also frequently labeled " producer goods or services " to distinguish them ...
Marginal cost (MC) is the change in total cost per unit change in output or ∆ C /∆ Q. In the short run, production can be varied only by changing the variable input. Thus only variable costs change as output increases: ∆ C = ∆ VC = ∆ ( wL ). Marginal cost is ∆ ( Lw )/∆ Q. Now, ∆ L /∆ Q is the reciprocal of the marginal product ...
Advanced Placement ( AP) [ 4] is a program in the United States and Canada created by the College Board. AP offers undergraduate university-level curricula and examinations to high school students. Colleges and universities in the US and elsewhere may grant placement and course credit to students who obtain qualifying scores on the examinations.
Historical materialism is Karl Marx 's theory of history. Marx located historical change in the rise of class societies and the way humans labor together to make their livelihoods. [ 1] Karl Marx stated that technological development can change the modes of production over time. This change in the mode of production inevitably encourages ...
Production–possibility frontier. In microeconomics, a production–possibility frontier ( PPF ), production possibility curve ( PPC ), or production possibility boundary ( PPB) is a graphical representation showing all the possible options of output for two goods that can be produced using all factors of production, where the given resources ...
Marginal cost. In economics, the marginal cost is the change in the total cost that arises when the quantity produced is increased, i.e. the cost of producing additional quantity. [ 1] In some contexts, it refers to an increment of one unit of output, and in others it refers to the rate of change of total cost as output is increased by an ...