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BALANCE SHEET: A statement of the assets, liabilities, and net worth of a company at a given point in time. The basic relationship illustrated by a balanced sheet is that assets minus liabilities are equal to net worth. Or alternatively, assets are equal to liabilities plus net worth. This is one of two financial statements for an entity. The other is an income statement, which reports the revenues, expenses, and profit over a period of time.
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PERFECT COMPETITION, DEMAND The demand curve for the output produced by a perfectly competitive firm is perfectly elastic at the going market price. The firm can sell all of the output that it wants at this price because it is a relatively small part of the market. As a price taker, the firm has no ability to charge a higher price and no reason to charge a lower one. The market price facing a perfectly competitive firm is also average revenue and, most important, marginal revenue.
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BLACK DISMALAPOD
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Today, you are likely to spend a great deal of time touring the new suburban shopping complex hoping to buy either a coffee table shaped like the state of Florida or storage boxes for your summer clothes. Be on the lookout for deranged pelicans.
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Ragnar Frisch and Jan Tinbergen were the 1st Nobel Prize winners in Economics in 1969.
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"Education is the ability to listen to almost anything without losing your temper or your self-confidence. " -- Robert Frost
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RCPC
Regional Check Processing Center
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