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NATIONAL INCOME AND GROSS DOMESTIC PRODUCT: National income (NI) is the total income earned by the citizens of the national economy resulting from their ownership of resources used in the production of final goods and services during a given period of time, usually one year. Gross domestic product (GDP) is the total market value of all final goods and services produced within the political boundaries of an economy during a given period of time, usually a year. Although national income is generated by the production of gross domestic product, the value of production does not entirely result in earned income. In other words, national income can be derived from gross domestic product after a few adjustments.
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TOTAL VARIABLE COST CURVE A curve that graphically represents the relation between total variable cost incurred by a firm in the short-run production of a good or service and the quantity produced. When constructing this curve, it is assumed that total variable cost changes as a result of changes in the quantity of output produced, while other variables like technology and resource prices are held fixed. The total variable cost curve is one of three total cost curves, the other two are total cost curve and total fixed cost curve.
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A U.S. dime has 118 groves around its edge, one fewer than a U.S. quarter.
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"Progress always involves risk. You can't steal second base and keep your foot on first. " -- Frederick B. Wilcox
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OBX
Oslo Stock Exchange (Norway)
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