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VOLUNTARY EXCHANGE: The process of willingly trading one item for another. The emphasis here is on "willingly." Voluntary exchanges are the heart and soul of market transactions, and should be contrasted with the "involuntary" exchanges mandated by government taxes, laws, and regulations. While involuntary government-forced exchanges play an important role in a mixed economy, economists really, really like voluntary market exchanges because they promote economic efficiency.
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CURVE: A line with a non-constant, or changing, slope. In technical circles, the word "line" is often used if the slope is constant and the word "curve" is used to mean the slope is not constant. However, economics often uses the terms line and curve interchangeably, as in "demand line" or "demand curve." Unless your course is taught be an economist with a really strong mathematical inclination, you too can safely use both terms interchangeably. See also | slope | graph |
Recommended Citation:CURVE, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2024. [Accessed: April 27, 2024].
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AVERAGE REVENUE, MONOPOLY 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. For a monopoly average revenue is greater than marginal revenue. Average revenue for a monopoly is often depicted by a negatively-sloped average revenue curve.
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WHITE GULLIBON
[What's This?]
Today, you are likely to spend a great deal of time strolling around a discount warehouse buying club looking to buy either a New York Yankees baseball cap or a solid oak entertainment center. Be on the lookout for deranged pelicans.
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One of the largest markets for gold in the United States is the manufacturing of class rings.
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"Nothing is a waste of time if you use the experience wisely. " -- Auguste Rodin, Sculptor
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AIC
Akaike's Information Criterion
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