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LIMITED RESOURCES: Finite quantities of labor, capital, land, and entrepreneurship available to an economy for the production of goods and services. This is one half of the fundamental problem of scarcity that has plagued humanity since the beginning of time. The other half of the scarcity problem is unlimited wants and needs.
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AVERAGE REVENUE CURVE A curve that graphically represents the relation between average revenue received by a 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 firm's output. The average revenue curve for a firm with no market control is horizontal. The average revenue curve for a firm with market control is negatively sloped.
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GREEN LOGIGUIN
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Today, you are likely to spend a great deal of time at a going out of business sale wanting to buy either a rechargeable flashlight or storage boxes for your computer software CDs. Be on the lookout for spoiled cheese hiding under your bed hatching conspiracies against humanity.
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The average length of a "business lunch" is about 36 minutes.
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"Adversity is another way to measure the greatness of individuals. I never had a crisis that didn't make me stronger. " -- Lou Holtz, Football Coach
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NEDC
National Economic Development Council
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