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AGGREGATE OUTPUT: The macroeconomy's total production of final goods and services. You might recognized it by it's official term gross domestic product. Another related term is aggregate supply. This is the total production in the economy that is purchased by the four basic economic sectors -- household, business, government, and foreign. See also aggregate market, aggregate demand, aggregate expenditures.
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AVERAGE VARIABLE COST CURVE A curve that graphically represents the relation between average variable cost incurred by a firm in the short-run product of a good or service and the quantity produced. This curve is constructed to capture the relation between average variable cost and the level of output, holding other variables, like technology and resource prices, constant. The average variable cost curve is one of three average curves. The other two are average total cost curve and average fixed cost curve. A related curve is the marginal cost curve.
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BLACK DISMALAPOD
[What's This?]
Today, you are likely to spend a great deal of time waiting for visits from door-to-door solicitors trying to buy either a birthday greeting card for your grandfather or a weathervane with a cow on top. Be on the lookout for the happiest person in the room.
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The earliest known use of paper currency was about 1270 in China during the rule of Kubla Khan.
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"The way employees treat customers reflects the manner in which they're treated by management. " -- James Perkins, president, Cornell University
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ARP
Average Revenue Product
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