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Compare and contrast the spatial model of voting with the directional model of voting. What are the major assumptions of each model? How are these similar or different? What are the principal predictions of each model about the behavior of voters, and what implications do these predictions have for the behavior of parties and candidates in American national elections?
Personal Savings
The portion of an individual's income that is not spent on consumption and is saved for future expenses, investments, or emergencies.
Explicit Cost
Direct, out-of-pocket payments for the purchase of inputs or resources for business operations.
Marginal Product
The additional output resulting from using one more unit of a given input, holding all other inputs constant.
Total Cost Curve
Represents the total economic cost of production, which is the sum of fixed and variable costs at different levels of output.
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