What does MPC stand for in economics?

Answer In economics, MPC stands for marginal propensity to consume, according to Investopedia. MPC refers to how much a person saves compared to what he spends after getting a raise. If you spend $300 of ... Read More »

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What does MRP stand for in economics?

In the field of economics, MRP is the acronym for marginal revenue product. MRP is the unit change in total revenue that results from a unit change in variable inputs, when keeping all other variab... Read More »

What does"elasticity"mean in economics?

In economics, the term "elasticity" refers to how products' supply or demand curves respond to price changes. A product's necessity can influence its elasticity. If consumers perceive a product as ... Read More »

What does heterogeneous mean in economics?

Heterogeneous means that not all aspects of something are the same. In economics, the term heterogeneous refers to a great variety of skills, wages and technology within a region's economy. For exa... Read More »

What does monetary mean in economics?

In economics, the term monetary refers to anything having to do with money. Used as a modifier, for example, a central bank puts forth a monetary policy to stabilize currency by controlling interes... Read More »