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PERFECT PRICE DISCRIMINATION: A form of price discrimination in which a seller charges the highest price that buyers are willing and able to pay for each quantity of output sold. This is also termed first-degree price discrimination because the seller is able to extract ALL consumer surplus from the buyers. This is one of three price discrimination degrees. The others are second-degree price discrimination and third-degree price discrimination.

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ECONOMIC PROFIT: The difference between business revenue and total opportunity cost. This is the revenue received by a business over and above the minimum needed to produce a good. In this sense, economic profit is a sign of inefficiency. If a business receives an economic profit, then society (the buyers) are spending more on a good than society (the resource owners) are giving up to produce the good.

     See also | profit | opportunity cost | efficiency | economic rent | market control | economic growth | accounting profit | normal profit |


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ECONOMIC PROFIT, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2019. [Accessed: July 22, 2019].


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PHYSICAL SCIENCE

The scientific study of the physical world, especially nonhuman, nonsociety phenomena, such as atoms, planets, wildlife, and continental drift. Common disciplines that study these physical phenomena are physics, chemistry, biology, geology, and astronomy. Physical science is one of two broad scientific classifications. The other is social science, which is the study human behavior and society.

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The first paper notes printed in the United States were in denominations of 1 cent, 5 cents, 25 cents, and 50 cents.
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