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NEEDS: This are often thought of as a physiological or biological requirement for maintaining life, such as the need for air, water, food, shelter, and sleep. Satisfaction is achieved by fulfilling needs. Physiological needs should be contrasted with psychological wants that make life more enjoyable but are not necessary to stay alive. However, when push comes to shove, and the nitty gets down to the gritty, it matters very little to markets if people need goods or want goods, so long as they are motivated to satisfy them. This motivation is what drives economic activity.
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AVERAGE REVENUE, MONOPOLISTIC COMPETITION The revenue received for selling a good per unit of output sold, found by dividing total revenue by the quantity of output. Average revenue often goes by a simpler and more widely used term... price. For a monopolistically competitive firm average revenue is greater than marginal revenue. Average revenue for a monopolistically competitive firm is often depicted by a negatively-sloped average revenue curve.
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BLACK DISMALAPOD
[What's This?]
Today, you are likely to spend a great deal of time flipping through mail order catalogs seeking to buy either a green and yellow striped sweater vest or a Boston Red Sox baseball cap. Be on the lookout for celebrities who speak directly to you through your television.
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This isn't me! What am I?
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The portrait on the quarter is a more accurate likeness of George Washington than that on the dollar bill.
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"Love looks through a telescope; envy, through a microscope. " -- Josh Billings, humorist
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BJE
Bell Journal of Economics
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