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NORMAL GOOD: A good for which an increase in income causes an increase in demand, or a rightward shift in the demand curve. If demand increases as income increases, it is a normal good or a good with a positive income elasticity of demand. A normal good is one of two alternatives falling within the income determinant of demand. The other is an inferior good.
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Lesson 4: Production Possibilities | Unit 4: Analysis
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Page: 15 of 24
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We can use production possibilities to illustrate unemployment, too.- Unemployment is the condition that exists when some available resources are NOT engaged in the production of goods and services.
- Unemployment is interpreted as any bundle that places the economy INSIDE the production possibilities curve.
- With unemployment we don't get as much production as with full employment.
- Unemployment is as any bundle, such as L, inside the curve.
- M is not attainable.
- Unemployment applies to all types of resources.
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AVERAGE REVENUE 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. Using the longer term average revenue rather than price provides a connection to other related terms, especially total revenue and marginal revenue. When compared with average cost, average revenue indicates the amount of profit generated per unit of output produced. Average revenue is often depicted by an average revenue curve.
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WHITE GULLIBON
[What's This?]
Today, you are likely to spend a great deal of time at an auction wanting to buy either a square lamp shade with frills along the bottom or an electric coffee pot with automatic shutoff. Be on the lookout for defective microphones.
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This isn't me! What am I?
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Al Capone's business card said he was a used furniture dealer.
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"Progress always involves risk. You can't steal second base and keep your foot on first. " -- Frederick B. Wilcox
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NAG
Net Annual Gain
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