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November 19, 2018 

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FIRST RULE OF SCARCITY: The first of seven basic rules of the economy. It is the fundamental fact of economic life that he world is faced with limited resources but unlimited wants and needs satisfied from these resources.

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PRIME RATE: The interest rate banks charge their best, most credit-worthy customers. This is one of the key interest rates in the economy, and it is watched closely by financial types, government policy makers, and businesses. It's also an interest rate that should be watched closely by consumers who have loans with adjustable rates, like credit cards, that are "pegged" to the prime rate. Any movement in the prime rate triggers an automatic change in these adjustable rates.

     See also | interest rate | bank | federal funds rate | discount rate |


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PRIME RATE, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2018. [Accessed: November 19, 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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Today, you are likely to spend a great deal of time going from convenience store to convenience store hoping to buy either a graduation present for your niece or nephew or a toaster oven that has convection cooking. Be on the lookout for malfunctioning pocket calculators.
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Parker Brothers, the folks who produce the Monopoly board game, prints more Monopoly money each year than real currency printed by the U.S. government.
"The first responsibility of a leader is to define reality. "

-- Max DePree, executive

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