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ABSOLUTE POVERTY: The amount of income a person or family needs to purchase an absolute amount of the basic necessities of life. These basic necessities are identified in terms of calories of food, BTUs of energy, square feet of living space, etc. The problem with the absolute poverty level is that there really are no absolutes when in comes to consuming goods. You can consume a given poverty level of calories eating relatively expensive steak, relatively inexpensive pasta, or garbage from a restaurant dumpster. The income needed to acquire each of these calorie "minimums" vary greatly. That's why some prefer relative poverty.
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Lesson 19: Monopolistic Competition | Unit 2: Revenue And Cost
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Page: 10 of 22
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In this unit, you should have learned about:- The three measures of that capture the revenue-side of monopolistic competition -- total revenue, average revenue, and marginal revenue.
- How the limited market control in monopolistic competition is indicated by a negatively-sloped, but relatively elastic demand (or average revenue) curve.
- That the marginal revenue curve lies beneath the demand (or average revenue) curve, meaning price is greater than marginal revenue.
- The three measures of that capture the cost-side of monopolistic competition -- total cost, average total cost, and marginal cost.
- That the two U-shaped cost curves -- average total cost and marginal cost -- reflect the law of diminishing marginal returns.
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BOARD OF GOVERNORS, FEDERAL RESERVE SYSTEM The governing, policy making body of the Federal Reserve System, consisting of 7 members, one of whom serves as the Chairman and another as Vice Chairman. The Board of Governors sets the general course of Federal Reserve policy, including the regulation of the commercial banking system. The 7 Governors also form of the core of the Federal Open Market Committee which is responsible for monetary policy. The Chairman of the Board of Governors of the Federal Reserve System is one of the most important and powerful positions in the economy.
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BLUE PLACIDOLA
[What's This?]
Today, you are likely to spend a great deal of time touring the new suburban shopping complex hoping to buy either a lazy Susan for you dining room table or a set of serrated steak knives, with durable plastic handles. Be on the lookout for rusty deck screws.
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In the Middle Ages, pepper was used for bartering, and it was often more valuable and stable in value than gold.
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"Sometimes when you innovate, you make mistakes. It is best to admit them quickly and get on with improving your other innovations. " -- Steve Jobs, Apple Computer founder
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IJIO
International Journal of Industrial Organization
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