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OPERATING STATEMENT: A statement of the revenues, expenditures, and profit for a business, household, or government entity over a given period of time. An income statement also goes by the names profit and loss statement, earnings report, and income statement. This is one of two key financial statements for an entity. The other is a balance sheet, which is a statement of assets, liabilities, and net worth at a given point in time.

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Menu of Lessons
A. Introduction
  • Economic Basics
  • Economic Science
  • Scarcity
  • Production Possibilities

  • B. The Market
  • Demand
  • Supply
  • Market
  • Market Shocks

  • C. Behind Demand
  • Consumer Demand
  • Utility and Demand
  • Elasticity Basics
  • Elasticity and Demand

  • D. Behind Supply
  • The Firm
  • Production
  • Cost
  • Perfect Competition

  • E. Market Structures
  • Market Control
  • Monopoly
  • Monopolistic Competition
  • Oligopoly

  • F. Factor Markets
  • Factor Demand
  • Factor Supply
  • Factor Market Equilibrium

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    Microeconomics

    Introductory Microeconomics is the study of the individuals, firms, markets, and industries, including the topics of consumer demand, production, cost, market structures, and factor markets.

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    LEADING ECONOMIC INDICATORS

    Ten economic statistics that tend to move up or down a few months BEFORE business-cycle expansions and contractions. Most importantly, these measures indicate peak and trough turning points about three to twelve months before they occur. Leading economic indicators are one of three groups of economic measures used to track business-cycle activity. The other two are coincident economic indicators and lagging economic indicators.

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    YELLOW CHIPPEROON
    [What's This?]

    Today, you are likely to spend a great deal of time wandering around the shopping mall hoping to buy either a wall poster commemorating the 2000 Olympics or a flower arrangement with a lot of roses for your grandmother. Be on the lookout for pencil sharpeners with an attitude.
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    In the early 1900s around 300 automobile companies operated in the United States.
    "I think luck is the sense to recognize an opportunity and the ability to take advantage of it . The man who can smile at his breaks and grabs his chance gets on."

    -- Samuel Goldwyn, Film executive

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