Agricultural productivityAgricultural productivity is measured as the ratio of agricultural outputs to inputs. While individual products are usually measured by weight, which is known as crop yield, varying products make measuring overall agricultural output difficult. Therefore, agricultural productivity is usually measured as the market value of the final output. This productivity can be compared to many different types of inputs such as labour or land. Such comparisons are called partial measures of productivity.
Oil spillAn oil spill is the release of a liquid petroleum hydrocarbon into the environment, especially the marine ecosystem, due to human activity, and is a form of pollution. The term is usually given to marine oil spills, where oil is released into the ocean or coastal waters, but spills may also occur on land. Oil spills may be due to releases of crude oil from tankers, offshore platforms, drilling rigs and wells, as well as spills of refined petroleum products (such as gasoline and diesel fuel) and their by-products, heavier fuels used by large ships such as bunker fuel, or the spill of any oily refuse or waste oil.
Welfare capitalismWelfare capitalism is capitalism that includes social welfare policies and/or the practice of businesses providing welfare services to their employees. Welfare capitalism in this second sense, or industrial paternalism, was centered on industries that employed skilled labor and peaked in the mid-20th century. Today, welfare capitalism is most often associated with the models of capitalism found in Central Mainland and Northern Europe, such as the Nordic model and social market economy (also known as Rhine capitalism and social capitalism).
Unintended consequencesIn the social sciences, unintended consequences (sometimes unanticipated consequences or unforeseen consequences, more colloquially called knock-on effects) are outcomes of a purposeful action that are not intended or foreseen. The term was popularised in the twentieth century by American sociologist Robert K. Merton. Unintended consequences can be grouped into three types: Unexpected benefit: A positive unexpected benefit (also referred to as luck, serendipity or a windfall).
Exxon Valdez oil spillThe Exxon Valdez oil spill occurred in the Prince William Sound, Alaska, on March 24, 1989. Exxon Valdez, an oil supertanker owned by Exxon Shipping Company bound for Long Beach, California struck Prince William Sound's Bligh Reef, west of Tatitlek, Alaska at 12:04 a.m. and spilled (or 37,000 tonnes) of crude oil over the next few days. The Exxon Valdez spill is the second largest in U.S. waters, after the 2010 Deepwater Horizon oil spill, in terms of volume of oil released.
Marginal productIn economics and in particular neoclassical economics, the marginal product or marginal physical productivity of an input (factor of production) is the change in output resulting from employing one more unit of a particular input (for instance, the change in output when a firm's labor is increased from five to six units), assuming that the quantities of other inputs are kept constant. The marginal product of a given input can be expressed as: where is the change in the firm's use of the input (conventionally a one-unit change) and is the change in quantity of output produced (resulting from the change in the input).
