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GNP: The abbreviation for gross national product, which is the total market value of all goods and services produced by the citizens of an economy during a given period of time, usually one year. Gross national product, often was once the federal government's official measure of how much output our economy produces. In the early 1990s, however, it was replaced by gross domestic product (GDP).
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AVERAGE FACTOR COST CURVE, PERFECT COMPETITION A curve that graphically represents the relation between average factor cost incurred by a perfectly competitive firm for employing an input and the quantity of input used. Because average factor cost is essentially the price of the input, the average factor cost curve is also the supply curve for the input. The average factor cost curve for a perfectly competitive firm with no market control is horizontal. The average revenue curve for a firm with market control is positively sloped.
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PURPLE SMARPHIN
[What's This?]
Today, you are likely to spend a great deal of time looking for the new strip mall out on the highway seeking to buy either a flower arrangement with anything but tulips for your grandfather or a birthday greeting card for your mother that doesn't look like a greeting card. Be on the lookout for slow moving vehicles with darkened windows.
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Much of the $15 million used by the United States to finance the Louisiana Purchase from France was borrowed from European banks.
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"The greater danger for most of us is not that our aim is too high and we miss it, but that it is too low and we reach it." -- Michelangelo Buonarroti, Painter and Sculptor
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PV
Present Value
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