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WEALTH DISTRIBUTION: The manner in which wealth is divided among the members of the economy. A perfectly equal wealth distribution would mean everyone in the country has exactly the same wealth. In reality, wealth is unequally distributed. A few people have a great deal of wealth and most others have less. Any well-functioning economy, that's doing a pretty good job of satisfying consumer wants and needs, will have some degree of inequality in the distribution of wealth. This occurs because some people have done a good job of producing what people want, and thus grow wealthy. However, wealth tends to perpetuate itself, over and above what may be justified by valuable production. Along with wealth comes market control, political power, and the ability to accumulate more wealth at the expense of others.

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Lesson 1: Economic Basics | Unit 2: Doing Economics Page: 6 of 18

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  • The science of positive economics and the art of normative economics.
  • Macroeconomics, microeconomics and some specialized fields of economic study.
  • Six common logical fallacies to avoid: false cause, attacking the messenger, appealing to the masses, appealing to a false authority, composition, and division.

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MARGINAL REVENUE, MONOPOLISTIC COMPETITION

The change in total revenue resulting from a change in the quantity of output sold. Marginal revenue indicates how much extra revenue a monopolistically competitive firm receives for selling an extra unit of output. It is found by dividing the change in total revenue by the change in the quantity of output. Marginal revenue is the slope of the total revenue curve and is one of two revenue concepts derived from total revenue. The other is average revenue. To maximize profit, a monopolistically competitive firm equates marginal revenue and marginal cost.

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APLS

ORANGE REBELOON
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Today, you are likely to spend a great deal of time looking for a downtown retail store trying to buy either a case of blank recordable DVDs or a pair of red goulashes with shiny buckles. Be on the lookout for slightly overweight pizza delivery guys.
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Three-forths of the gold mined each year is used to manufacture jewelry.
"The greatest things ever done on Earth have been done little by little. "

-- William Jennings Bryan

NIPA
National Income and Product Accounts
A PEDestrian's Guide
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