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OPPORTUNITY COST: The highest valued alternative foregone in the pursuit of an activity. This is a hallmark of anything dealing with economics--and life for that matter--because any action that you take prevents you from doing something else. The ultimate source of opportunity cost is the pervasive problem of scarcity (unlimited wants and needs, but limited resources). Whenever limited resources are used to satisfy one want or need, there are an unlimited number of other wants and needs that remain unsatisfied. Herein lies the essence of opportunity cost. Doing one thing prevents doing another.
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OPEN MARKET: A market, not unlike that stock market, that trades the U.S. Treasury securities that comprises the federal debt. U.S. Treasury securities are low risk and extremely secure financial instruments that are held by all sorts of investors, especially commercial banks. The Federal Reserve System is also a major holder of U.S. Treasury securities and participant in the open market. In fact, the Federal Reserve System used buying and selling of U.S. Treasury securities through the open market as a means of controlling the money, through what is appropriately termed open market operations. See also | open market operations | Federal Reserve System | Federal Open Market Committee | U.S. Treasury security | money | money supply | bank reserves | excess reserves | monetary policy | tight money | easy money | discount rate | reserve requirements | government securities | banking | money creation | federal funds rate |
Recommended Citation:OPEN MARKET, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2018. [Accessed: September 20, 2018].
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AVERAGE REVENUE CURVE A curve that graphically represents the relation between average revenue received by a firm for selling its output and the quantity of output sold. Because average revenue is essentially the price of a good, the average revenue curve is also the demand curve for a firm's output. The average revenue curve for a firm with no market control is horizontal. The average revenue curve for a firm with market control is negatively sloped.
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BEIGE MUNDORTLE
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Today, you are likely to spend a great deal of time flipping through mail order catalogs looking to buy either a set of serrated steak knives, with durable plastic handles or a pair of blue silicon oven mitts. Be on the lookout for pencil sharpeners with an attitude.
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This isn't me! What am I?
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A half gallon milk jug holds about $50 in pennies.
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"No amount of business school training or work experience can teach what is ultimately a matter of personal character. " -- Truett Cathy, Chick-fil-A Inc. founder
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IBEX-35
Stock Index (Spain)
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