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NATURAL RESOURCES: The naturally occurring resources that are naturally a part of our natural planet which are directed toward production--including land, water, wildlife, vegetation, air, climate, sunshine, mineral deposits, and soil nutrients. Natural resources provide the "stuff" that's used to produce all of the tangible products in the economy, including both consumer goods used for immediate satisfaction of wants and needs and capital used for further production.
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AVERAGE REVENUE AND MARGINAL REVENUE A mathematical connection between average revenue and marginal revenue stating that the change in the average revenue depends on a comparison between average revenue and marginal revenue. For perfect competition, with no market control, marginal revenue is equal to average revenue, and average revenue does not change. For monopoly and other firms with market control, marginal revenue is less than average revenue, and average revenue falls.
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Woodrow Wilson's portrait adorned the $100,000 bill that was removed from circulation in 1929. Woodrow Wilson was removed from circulation in 1924.
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"You are younger today than you will ever be again. Make use of it for the sake of tomorrow. " -- Norman Cousins, editor
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PI
Personal Income
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