A pentathlon is a contest featuring five events. The name is derived from Greek: combining the words pente and -athlon. The first pentathlon was documented in Ancient Greece and was part of the Ancient Olympic Games. Five events were contested over one day for the Ancient Olympic pentathlon, starting with the long jump, javelin throwing, and discus throwing, followed by the stadion and wrestling. Pentathletes were considered to be among the most skilled athletes, and their training was often par
Economic Definition of aggregate production function. Defined. Term aggregate production function Definition: A relation between the total production of real output for an economy and the amount of labor input.
Y = some production function. ). But, before we get there, we need to know how firms produce. Measuring the supply side of the economy has been the subject of much active research in macroeconomics during the last two decades. In this class, we specify one aggregate production function for the economy. In the real world, each firm has its own production function. Ford takes some inputs and mixes them with some technology to make a product; Honda also takes some inputs and mixes them with some technology to make a product. Both make cars.