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MACROECONOMIC SECTORS: The four aggregate sectors of the macroeconomy--household, business, government, and foreign--that reflect four key macroeconomic functions and are responsible for four expenditures on gross domestic product. These four sectors are the primary "actors" on the macroeconomic stage. Macroeconomic theories then explain macroeconomic phenomena by exploring the interaction among these four sectors.
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MARGINAL COST CURVE A curve that graphically represents the relation between the marginal cost incurred by a firm in the short-run product of a good or service and the quantity of output produced. This curve is constructed to capture the relation between marginal cost and the level of output, holding other variables like technology and resource prices constant. Three related curves are average total cost curve, average variable cost curve, and average fixed cost curve.
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Paper money used by the Commonwealth of Massachusetts prior to the U.S. Revolutionary War, which was issued against the dictates of Britain, was designed by patriot and silversmith, Paul Revere.
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"If you worried about falling off the bike, you'd never get on. " -- Lance Armstrong, bicycle racer
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IO
Industrial Organization
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