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TOTAL REVENUE: The revenue received by a firm for the sale of its output. Total revenue is one of two parts a firm needs for the calculation of economic profit, the other is total cost. In general, total revenue is the price received for selling a good times the quantity of the good sold at that price. For a perfectly competitive firm, which receives a single unchanging price for all output sold, the calculation is relatively easy. For other real world firms, that charge different prices to different buyers for different quantities, the calculation can be more complex.
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Lesson 5: Market Demand | Unit 1: Buying Basics
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Page: 4 of 20
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- Demand as the range of prices and quantities that buyers are willing and able to buy at different prices.
- Why buyers must be both willing and able to buy a good to have a demand. Willingness is based on tastes and preferences. Ability is based on income.
- Why demand includes a range of prices and quantities, not just a specific quantity.
- Why demand is analyzed during a given time period.
- Demand price as the maximum price that buyers would be willing and able to pay for a given quantity.
- Quantity demanded as the maximum quantity buyers would be willing and able to buy at a specific price.
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INCOME RECEIVED BUT NOT EARNED The three types of income received but not earned (IRBNE) are Social Security payments, unemployment compensation payments, and welfare payments. These are three key transfer payments from the government sector to the household sector. The basic goal of transfer payments is to transfer a portion of the income earned by the factors of production (because they HAVE income) to other members of the household sector (who presumably NEED more income than they have). IRBNE is added to national income to derive personal income.
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PURPLE SMARPHIN
[What's This?]
Today, you are likely to spend a great deal of time waiting for visits from door-to-door solicitors hoping to buy either several magazines on computer software or a T-shirt commemorating the second moon landing. Be on the lookout for poorly written technical manuals.
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North Carolina supplied all the domestic gold coined for currency by the U.S. Mint in Philadelphia until 1828.
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"We succeed in enterprises (that) demand the positive qualities we possess, but we excel in those (that) can also make use of our defects." -- Alexis de Tocqueville, Statesman
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NPV
Net Present Value
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