|
ECONOMIC GOOD: The transformation of limited resources for the purpose of satisfying unlimited wants and needs. You might detect a similarity between the term economic good and the term scarcity. The reason is that "economic good" is another term for scarce good. We call a scarce good an economic good because a scarce good is one that can be traded through markets.
Visit the GLOSS*arama
|
|
|
|
INNOVATION PROFIT Economic profit, the difference between the total revenue received by a firm and the total opportunity cost of production, that is attributable to innovation, the initial application of new products, technologies, or ideas. Innovation profit is one of two sources of economic profit. The other is monopoly profit that arises due to market control. The generation of innovation profit is an important incentive that by rewarding individual innovative behavior enables society-wide benefits from the resulting innovations.
Complete Entry | Visit the WEB*pedia |
|
|
BEIGE MUNDORTLE [What's This?]
Today, you are likely to spend a great deal of time wandering around the downtown area hoping to buy either a turbo-powered vacuum cleaner or a battery-powered, rechargeable vacuum cleaner. Be on the lookout for the last item on a shelf. Your Complete Scope
This isn't me! What am I?
|
|
There were no banks in colonial America before the U.S. Revolutionary War. Anyone seeking a loan did so from another individual.
|
|
"Good judgment comes from experience, and often experience comes from bad judgment." -- Rita Mae Brown ‚ Writer
|
|
ILS Indirect Least Squares, International Labor Standards
|
|
Tell us what you think about AmosWEB. Like what you see? Have suggestions for improvements? Let us know. Click the User Feedback link.
User Feedback
|
|