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LONG-RUN AVERAGE COST: The per unit cost of producing a good or service in the long run when all inputs are variable. In other words, long-run total cost divided by the quantity of output produced. Long-run average cost is based on economies of scale (or increasing returns to scale) and diseconomies of scale (or decreasing returns to scale).
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GRAPHICAL ANALYSIS The process of investigating phenomena, especially economic phenomena, in a systematic manner using diagrams and graphs. Graphical analysis is commonly used to display abstract scientific relations, then to manipulate those relations to gain greater understanding of real world events. The market model is a primary example of graphical analysis.
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GREEN LOGIGUIN
[What's This?]
Today, you are likely to spend a great deal of time looking for the new strip mall out on the highway seeking to buy either a flower arrangement in a coffee cup for your father or a how-to book on meeting people. Be on the lookout for high interest rates.
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Natural gas has no odor. The smell is added artificially so that leaks can be detected.
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"The only profit center is the customer. " -- Peter Drucker, management consultant
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NNP
Net National Product
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