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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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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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The standard "debt" notation I.O.U. does not mean "I owe you," but actually stands for "I owe unto..."
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"The tragedy of life is not so much what men suffer, but rather what they miss. " -- Thomas Carlyle, Historian
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IEBNR
Income Earned But Not Received
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