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ECONOMIC SYSTEM: The assorted institutions that society uses to answer the three basic questions of allocation and address the fundamental problem of scarcity. Another, more popular term for economic system is economy. An economy, or economic system, is the structural framework in which households, businesses, and governments undertake the production and consumption decisions that allocate limited resources to satisfy unlimited wants and needs.
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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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GREEN LOGIGUIN
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Today, you are likely to spend a great deal of time searching the newspaper want ads seeking to buy either pink cotton balls or a genuine down-filled comforter. Be on the lookout for bottles of barbeque sauce that act TOO innocent.
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In the Middle Ages, pepper was used for bartering, and it was often more valuable and stable in value than gold.
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"Nothing will ever be attempted if all possible objections must first be overcome. " -- Samuel Johnson, essayist, critic, lexicographer
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AIC
Akaike's Information Criterion
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