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PERFECT COMPETITION AND SHORT-RUN SUPPLY CURVE: A perfectly competitive firm's supply curve is that portion of its' marginal cost curve that lies above the minimum of the average variable cost curve. A perfectly competitive firm maximizes profit by producing the quantity of output that equates price and marginal cost. As such, the firm moves along it's marginal cost curve in response to alternative prices. Because the marginal cost curve is positively sloped due to the law of diminishing marginal returns, the firm's supply curve is also positively sloped.
Visit the GLOSS*arama
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State of the ECONOMY
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| Production/Income |
| Real average weekly earnings |
November 2016 |
$367.50 Bureau of Labor Statistics |
Constant 1982-84 dollars |
| Median weekly earnings |
Third Quarter 2016 |
$827 / week |
Up $24 from 3rd Qtr. 2015 |
| GDP: Real |
Third Quarter 2016 |
$18,675.3 Billion (Annual Rate) Source: BEA |
Up 5.0% |
| U.S. Exports |
November 2016 |
$185.8 billion |
Down 0.2% from Oct. 2016: Econ. Stat. Admin. |
| e-commerce sales |
3rd Quarter 2016 |
$101.3 billion |
Up 4.0% from 2nd Quarter 2016 US Census Bureau |
| Personal Income |
November 2016 |
$16,233.8 billion |
Up 0.1% from Oct. 2016 |
| U.S. Imports |
November 2016 |
$231.1 billion |
Up 1.1% from Oct. 2016: Econ. & Stat. Admin. |
| Private Employer Cost for Employee Compensation |
September 2016 |
$32.27 per hour |
Benefits are $10.73 / hour Source: BLS |
| Sales of New Single-Family Homes |
November 2016 |
592,000 (seasonal adjusted annual rate) |
Up % from October 2016 Source: Econ Stats Adm. |
| Productivity |
3rd Quarter 2016 |
Unchanged from a year ago |
Source: BLS |
| Real Average Hourly Earnings |
November 2016 |
$10.68 |
Up $.07 from November 2015 |
| Employment |
| U 3 Unemployment |
December 2016 |
4.7% Up from November |
Bureau of Labor Statistics |
| U.S. Job Openings |
October 2016 |
5.5 million Steady |
Bureau of Labor Statistics |
| U 6 Unemployment |
November 2016 |
9.3% Down a little |
Includes those who have given up looking. BLS |
| Prices |
| Consumer Price Index W |
November 2016 |
235.215 |
Down slightly from Oct. 2016 Source: B L S |
| Money/Interest |
| U.S. National Debt |
January 3, 2017 |
$19,951,017,689,395.11 |
Up over $1 trillion in 2016: U.S. Debt Clock |
| Federal Discount Rate |
January 3, 2017 |
1.25% |
Up 0.25% |
| Prime Rate |
January 3, 2017 |
3.75% |
Up .25% from a year ago |
| Federal Funds Rate |
January 3, 2017 |
.75% |
Up 0.25% from a year ago |
| Cyclical Indicators |
| Consumer Price Index Urban |
November 2016 |
241.353 |
Up 0.2% from Oct. 2016 Source: BLS |
| New Orders for Manufactured Goods |
November 2016 |
$458.3 billion |
Down 2.4% from Nov. 2016 Econ & Statistics Adm |
| New Orders for Manufactured Durable Goods |
November 2016 |
$228.2 billion U.S. Commerce Dept. |
Down 4.6% from Oct. 2016 |
| Business Inventories |
October 2016 |
$1,814.5 billion |
Up 2% from Oct. 2015: Econ. Stat. Admin. |
| Retail Sales |
November 2016 |
$468.05 billion |
U.S Census Bureau |
| Producer Price Index Final Demand |
November 2016 |
110.8 |
Up 0.4% from Oct. 2016 Soure: BLS.gov |
| Wholesale Inventories |
November 2016 |
$594.5 billion |
U.S. Dept. of Commerce |
| Housing Starts |
November 2016 |
1,090,000 |
Down 18.7% from Oct. 2016: U.S. Census Bureau |
| Construction Spending |
October 2016 |
$1,172.6.4 billion |
Up 0.5% from Sept. 2016 Source: Econ Stats Adm. |
| Building Permits |
November 2016 |
1,201,000 |
Do 4.7% from October 2016: U.S. Census Bureau |
| Other |
| World Population |
January 3, 2017 |
7,362,851,059 |
Higher: U.S. Census Bureau |
| U.S. Population |
January 3, 2017 |
324,321,654 |
Up again...U.S. Census Bureau |
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FOREIGN SECTOR The aggregate macroeconomic sector that contains everyone and everything beyond the political boundaries of the domestic economy--including households, businesses, and governments in other countries. The primary function of the foreign sector is to undertake external activity that is outside the control of the domestic economy. This is one of the four macroeconomic sectors. The other three are household sector, business sector, and government sector.
Complete Entry | Visit the WEB*pedia |
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Learning All About EDUCATIONIt's a bright spring morning, the sort of day that makes poets and pedestrians pontificate profusely about our wondrous world. But, wait... IT'S TEST DAY! You're late for an exam! You hurriedly roam the school halls, opening door after endless door along an infinite hallway, in search of your exam. All you discover, though, is Maurice Finklestein who smirks knowingly while ridiculing your tardiness. Why do we do it? Why do we put ourselves through 12 to 20 years of oppression in the halls of academia, learning stuff of questionable value? Why? Why? WHY?
Tell me more...
Visit the PEDestrian's Guide
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BEIGE MUNDORTLE
[What's This?]
Today, you are likely to spend a great deal of time lost in your local discount super center wanting to buy either a rechargeable battery for your computer or shoe laces for your snow boots. Be on the lookout for florescent light bulbs that hum folk songs from the sixties.
Your Complete Scope
This isn't me! What am I?
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More money is spent on gardening than on any other hobby.
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"Aerodynamically, the bumblebee shouldn't be able to fly, but the bumblebee doesn't know it so it goes on flying anyway. " -- Mary Kay Ash, entrepreneur
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AAT
Association of Accounting Technicians
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