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AR: The abbreviation for average revenue, which is the revenue received for selling a good, per unit of output sold, found by dividing total revenue by the quantity of output. Average revenue actually goes by a simpler and more widely used term... price. Average revenue is really a fancy-schmancy term for the price received by a seller for selling a good. However, using the longer term average revenue let's us see the connection with other terms, like total revenue, marginal revenue, and quantity.

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ECONOMIC GROWTH, PRODUCTION POSSIBILITIES: Economic growth is the process of increasing the economy's ability to produce goods and services. It is achieved by increasing the quantity or quality of resources. This process can be illustrated as an outward shift of the production possibilities curve.

     See also | economic growth, sources | full employment, production possibilities | unemployment, production possibilities | derivation, production possibilities curve | slope, production possibilities curve | opportunity cost, production possibilities | investment, production possibilities | law of increasing opportunity cost | economic growth | production possibilities | production possibilities curve | assumptions, production possibilities | technical efficiency | graphical analysis | limited resources | economic efficiency | efficiency | economic goals | seven economic rules | free lunch | three questions of allocation | four estates | government functions | political views | scarcity | technology | investment | business cycles | gross domestic product | labor force participation rate | structural unemployment | aggregate market | aggregate supply increase, long-run aggregate market | aggregate supply determinants | capital stock, aggregate supply determinant |


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AGGREGATE SUPPLY DETERMINANTS

An assortment of ceteris paribus factors that affect short-run and long-run aggregate supply, but which are assumed constant when the short-run and long-run aggregate supply curves are constructed. Changes in any of the aggregate supply determinants cause the short-run and/or long-run aggregate supply curves to shift. While a wide variety of specific ceteris paribus factors can cause the aggregate supply curves to shift, they are commonly grouped into three broad categories--resource quantity, resource quality, and resource price.

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Today, you are likely to spend a great deal of time touring the new suburban shopping complex trying to buy either an instructional DVD on learning to the play the oboe or a small, foam rubber football. Be on the lookout for gnomes hiding in cypress trees.
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Mark Twain said "I wonder how much it would take to buy soap buble if there was only one in the world."
"Time is the scarcest resource, and unless it is managed nothing else can be managed."

-- Peter F. Drucker

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Brookings Papers on Economic Activity
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