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Marginal Productivity

The additional output obtained by adding an additional unit of a productive resource, such as labor. More precisely, marginal productivity is the change in total output divided by the change in the amount of the productive resource employed. marginal productivity = change in total output change in amount of productive resource

Marginal Propensity to Consume (MPC)

The percentage of new or added income that is consumed.

Marginal Propensity to Save (MPS)

The percentage of new or added income that is saved.

Marginal Revenue

The addition to total revenue as one additional unit is produced and sold.

Marginal Tax Rate

The tax rate charged on the taxpayers last dollar earned; in a progressive tax system the marginal tax rate is always greater than the average tax rate.

Maritime air mass

Moist air mass originating over the ocean.

Market

A network in which buyers and sellers interact to exchange goods and services for money.

Market Clearing Price

A price which rations the supply of a good among competing consumers so that the quantity of the good demanded is equal to the quantity supplied.

Market Economy

A decentralized system where many buyers and sellers interact.

Market price

The price per bushel (or pound or hundredweight) of an agricultural commodity paid in the private sector. It can sometimes refer to the price paid at domestic seaports or large inland terminal markets (such as daily cash prices listed in newspapers) and sometimes refers to the farm price.

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