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PERFECT COMPETITION, LOSS MINIMIZATION: A perfectly competitive firm is presumed to produce the quantity of output that minimizes economic losses, if price is greater than average variable cost but less than average total cost. This is one of three short-run production alternatives facing a firm. The other two are profit maximization (if price exceeds average total cost) and shutdown (if price is less than average variable cost).
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GROSS DOMESTIC PRODUCT 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 one year. This is the official measure of the aggregate output produced by the economy. It is tabulated and reported by the National Income and Product Accounts maintained by the Bureau of Economic Analysis, which is part of the U. S. Department of Commerce. Gross domestic product, often abbreviated simply as GDP, is one of several measures reported regularly (quarterly and annually) by the number crunchers at the Bureau of Economic Analysis. Other common measures include net domestic product, national income, personal income, and disposable income. GDP has replaced gross national product (GNP), in most official discussion of aggregate economic production.
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RED AGGRESSERINE
[What's This?]
Today, you are likely to spend a great deal of time wandering around the shopping mall looking to buy either a birthday gift for your mother or a weathervane with a horse on top. Be on the lookout for malfunctioning pocket calculators.
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This isn't me! What am I?
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Lombard Street is London's equivalent of New York's Wall Street.
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"Something in human nature causes us to start slacking off at our moment of greatest accomplishment. As you become successful, you will need a great deal of self-discipline not to lose your sense of balance, humility and commitment." -- H. Ross Perot
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TSP
Time Series Econometrics (software)
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