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October 23, 2014 

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INCOME: Revenue earned or received by households that can be used for consumption or saving. For the aggregate economy, earned income is termed national income, while received income is termed personal income. The key is that income for the aggregate economy is generated in the production of goods and services.

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PRICE FLOOR: A legally established minimum price. Pressured by special interest groups, our beloved government is often convinced that the price of a good needs to be kept at a higher level. Examples of goods that have had price floors bestowed upon them include farm products and workers. The argument in both of these examples is that suppliers aren't getting enough income for the stuff they sell (food or labor). A higher price is then expected to generate more income to these deserving souls. Unfortunately, price floors tend to create as many or more problems than they solve. They create inefficient surpluses.

     See also | market | price | regulation | surplus | minimum wage | price ceiling | minimum wage |


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PRICE FLOOR, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2014. [Accessed: October 23, 2014].


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AVERAGE REVENUE, MONOPOLY

The revenue received for selling a good per unit of output sold, found by dividing total revenue by the quantity of output. Average revenue often goes by a simpler and more widely used term... price. For a monopoly average revenue is greater than marginal revenue. Average revenue for a monopoly is often depicted by a negatively-sloped average revenue curve.

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APLS

State of the ECONOMY

Real average weekly earnings
August 2014
$356.44 Bureau of Labor Statistics
Up 0.4% from July 2014 Constant 1982-84 dollars

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PINK FADFLY
[What's This?]

Today, you are likely to spend a great deal of time lost in your local discount super center seeking to buy either a replacement remote control for your television or a replacement nozzle for your shower. Be on the lookout for the last item on a shelf.
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In the late 1800s and early 1900s, almost 2 million children were employed as factory workers.
"When we do the best we can, we never know what miracle is wrought in our life or in the life of another. "

-- Helen Keller, lecturer, author

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Constant Relative Risk Aversion
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