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October 15, 2019 

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MACROECONOMY: The aggregate, or national economy that is the prime focus of the study of macroeconomics.

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PERFECT COMPETITION, SHUTDOWN: A perfectly competitive firm is presumed to shutdown production and produce no output in the short run, if price is less than average variable cost. This is one of three short-run production alternatives facing a firm. The other two are profit maximization (if price exceeds average total cost) and loss minimization (if price is greater than average variable cost but less than average total cost).

     See also | perfect competition, profit maximization | perfect competition, loss minimization | perfect competition, short-run supply curve | short-run production alternatives | breakeven output |


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PERFECT COMPETITION, SHUTDOWN, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2019. [Accessed: October 15, 2019].


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ECONOMY

The system of production, distribution, and consumption of goods and services that a society uses to address the problem of scarcity.

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Today, you are likely to spend a great deal of time wandering around the shopping mall trying to buy either a T-shirt commemorating the 2000 Presidential election or a really, really exciting, action-filled video game. Be on the lookout for crowded shopping malls.
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A lump of pure gold the size of a matchbox can be flattened into a sheet the size of a tennis court!
"Give the American people a good cause, and there's nothing they can't lick. "

-- John Wayne, actor

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