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July 23, 2018 

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GOVERNMENT BORROWING: The demand for loans obtained through the financial markets by the government sector to finance government purchases over and above taxes. In terms of the circular flow, this is one of two demands for household saving diverted into financial markets, the other is investment borrowing.

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PRIVATE PROPERTY: A fundamental economic institution in which resources (property) are owned and controlled by households and businesses (the private sector) rather than government (the public sector). Private property provides critical incentives for the efficient operation of competitive market and a market-oriented economy. Under private-property ownership, control over resources is relinquished (that is sold) when the owners are compensated for their opportunity costs. And this is just the sort of thing that leads to an efficient use of resources.

     See also | institution | resources | ownership and control | household | business | private sector | government | public sector | efficiency | competitive market | market-oriented economy | opportunity cost |


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PRIVATE PROPERTY, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2018. [Accessed: July 23, 2018].


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AVERAGE REVENUE CURVE, PERFECT COMPETITION

A curve that graphically represents the relation between average revenue received by a perfectly competitive 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 perfectly competitive firm's output.

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Today, you are likely to spend a great deal of time wandering around the downtown area wanting to buy either one of those memory foam pillows or a remote controlled train set. Be on the lookout for fairy dust that tastes like salt.
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Approximately three-fourths of the U.S. paper currency in circular contains traces of cocaine.
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