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PERFECT COMPETITION, REVENUE DIVISION: The marginal approach to analyzing a perfectly competitive firm's short-run profit maximizing production decision can be used to identify the division of total revenue among variable cost, fixed cost, and economic profit. The U-shaped cost curves used in this analysis provide all of the information needed on the cost side of the firm's decision. The demand curve facing the firm (which is also the firm's average revenue and marginal revenue curves) provides all of the information needed on the revenue side.
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LIMITED RESOURCES A basic condition of nature which means that the quantities of available labor, capital, land and entrepreneurship used for the production of goods and services are finite. It means that the economy has only so many resources that can be used AT ANY GIVEN TIME time to produce goods and services. Limited resources are one half of the fundamental problem of scarcity that has plagued humanity since the beginning of time. The other half of the scarcity problem is unlimited wants and needs.
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GREEN LOGIGUIN
[What's This?]
Today, you are likely to spend a great deal of time surfing the Internet looking to buy either a how-to book on fixing your computer, with illustrations or several magazines on computer software. Be on the lookout for rusty deck screws.
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This isn't me! What am I?
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In 1914, Ford paid workers who were age 22 or older $5 per day -- double the average wage offered by other car factories.
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"It is the mark of an educated mind to be able to entertain a thought without accepting it." -- Aristotle
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GEB
Games and Economic Behavior
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