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TOTAL REVENUE CURVE: A curve that graphically represents the relation between total revenue received by a firm for selling its output and the quantity of output sold. It is used with the firm's total cost curve to determine economic profit. The marginal revenue curve, a key factor for determining the profit-maximizing level of a firm's output, is derived directly from the total revenue curve. This curve is constructed to capture the relation between total revenue and the level of output, holding other variables constant.
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ABSOLUTE ADVANTAGE The general ability to produce more goods or services using fewer resources. A person or country has an absolute advantage in production largely due to superior technology or greater technical efficiency. A related, but contrasting concept is comparative advantage. Both terms are perhaps most important to the study of international trade, but also provide insight into other exchanges.
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BEIGE MUNDORTLE
[What's This?]
Today, you are likely to spend a great deal of time searching the newspaper want ads hoping to buy either a blue mechanical pencil or super soft, super cuddly, stuffed animals. Be on the lookout for telephone calls from long-lost relatives.
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Lombard Street is London's equivalent of New York's Wall Street.
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"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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GARP
Generalized Axioms of Revealed Preference
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