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BUDGET SURPLUS: An excess of budgetary revenues over expenditures. This seemingly rare event is in fact commonly practiced by many state and local governments -- albeit often because of constitutional mandates. The federal government has even accomplished this feat once or twice. Consumers operate a budget surplus whenever they're able to put a little bit of their income into saving.
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VERY SHORT RUN, MICROECONOMICS A production period of time in which at all inputs in the production process are fixed, meaning the quantity of output itself is fixed. Also termed market period, the very short run exists if the period is so short that no additional production is possible. In other words, the good has been produced, all that remains is to sell it. This is one of four production time periods used in the study of microeconomics. The other three are short run, long run, and very long run.
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PURPLE SMARPHIN
[What's This?]
Today, you are likely to spend a great deal of time searching for rummage sales wanting to buy either storage boxes for your family photos or a large, stuffed giraffe. Be on the lookout for malfunctioning pocket calculators.
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This isn't me! What am I?
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A half gallon milk jug holds about $50 in pennies.
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"Be a yardstick of quality. Some people aren't used to an environment where excellence is expected. " -- Steve Jobs, Apple Computer co-founder
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ARP
Average Revenue Product
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