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TOTAL REVENUE CURVE, PERFECT COMPETITION: A curve that graphically represents the relation between the total revenue received by a perfectly competitive firm for selling its output and the quantity of output sold. It is combined with a perfectly competitive firm's total cost curve to determine economic profit and the profit maximizing level of production. The slope of the total revenue curve is marginal revenue.
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Lesson Contents
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Unit 1: Selling Basics |
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Unit 2: Law of Supply |
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Unit 3: Supply Curve |
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Unit 4: Determinants |
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Unit 5: Scarcity |
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Unit 6:
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Supply
This supply lesson provides an introduction into selling a wide range of goods. In fact, this supply topic does more than offer insight into selling behavior. It's also the second half of the market analysis -- the first half being demand. And to reiterate what I noted during the demand lesson, market analysis is one of the most widely used tools in the study of economics that can be used to explain a lot of economic phenomenon. Of course to use markets, we need both demand and supply. And supply part is our current lesson. - The first unit of this lesson introduces the basic concept of supply and a few related terms such as supply price and quantity supplied.
- In the second unit then we move into a discussion of the law of supply, which captures the basic relation between supply price and quantity supplied.
- The third unit then develops the supply curve, which is the graphical embodiment of the supply concept.
- Moving onto the fourth unit, we examine how the five basic supply determinants cause the supply curve to shift from one location to another.
- And in the fifth and final unit, we make a connection between supply and the limited resources part of scarcity.
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AUTONOMOUS NET EXPORTS Net exports by the foreign sector that do not depend on income or production (especially national income or gross domestic product). That is, changes in income do not generate changes in net exports. Autonomous net exports are best thought of as net exports that the foreign sector undertakes independent of income. They are measured by the intercept term of the net exports line. The alternative to autonomous net exports is induced net exports, which do depend on income.
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YELLOW CHIPPEROON
[What's This?]
Today, you are likely to spend a great deal of time calling an endless list of 800 numbers seeking to buy either a birthday greeting card for your father or a T-shirt commemorating the first day of spring. Be on the lookout for cardboard boxes.
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Much of the $15 million used by the United States to finance the Louisiana Purchase from France was borrowed from European banks.
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"Difficulties mastered are opportunities won. " -- Winston Churchill, Statesman
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DOT
Department of the Treasury
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