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April 17, 2024 

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PHYSICAL CAPITAL: The synthetic resources used to produce goods and services. Capital is a factor of production that has been previously produced. Unlike other types of material items, capital does not become a part of the product. This should be compared with financial capital and human capital.

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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, 2000-2024. [Accessed: April 17, 2024].


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DEMAND ELASTICITY AND TOTAL EXPENDITURE

The notion that price-induced changes in total expenditure (price times quantity) depend on the relative price elasticity of demand. If demand is relatively elastic, then changes in price cause total expenditure to change in the opposite direction. If demand is relatively inelastic, then changes in price cause total expenditure to change in the same direction. If demand is unit elastic, then changes in price do not cause any change in total expenditure.

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Today, you are likely to spend a great deal of time browsing through a long list of dot com websites wanting to buy either semi-gloss photo paper that works with your neighbor's printer or a birthday gift for your father that doesn't look like every other birthday gift for your father. Be on the lookout for the happiest person in the room.
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Only 1% of the U.S. population paid income taxes when the income tax was established in 1914.
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