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TOTAL REVENUE CURVE, MONOPOLISTIC COMPETITION: A curve that graphically represents the relation between total revenue received by a monopolistically competitive firm for selling its output and the quantity of output sold. It is used with the firm's total cost curve to determine economic profit. The marginal revenue curve, a key factor for determining the profit-maximizing level of a firm's output, is derived directly from the total revenue curve. The slope of this total revenue curve is marginal revenue. This curve is constructed to capture the relation between total revenue and the level of output, holding other variables constant.
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Lesson 11: Circular Flow | Unit 1: Basic Flow
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The four basic macroeconomics sectors:- Household sector: This includes everyone, all people, seeking to satisfy unlimited wants and needs. This sector is responsible for consumption.
- Business sector: This includes those undertaking the task of combining resources to produce goods and services. This sector is responsible for the production.
- Government sector: This includes the ruling bodies of the federal, state, and local governments. Regulation is the prime function, especially to pass laws, collect taxes, and force other economic sectors to do things that they wouldn't do voluntary.
- Foreign sector: Includes everyone and everything beyond the boundaries of the domestic economy.
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UNEMPLOYED The condition in which a resource (especially labor) is NOT actively engaged in a productive activity, but IS actively seeking employment. This general condition forms the conceptual basis for one of the three categories used by the Bureau of Labor Statistics (BLS) when classifying an individual's labor force status--employed persons. The other two BLS categories are employed persons and not in the labor force.
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BROWN PRAGMATOX
[What's This?]
Today, you are likely to spend a great deal of time lost in your local discount super center trying to buy either clothing for your kitty cats or a set of luggage without wheels. Be on the lookout for infected paper cuts.
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The first "Black Friday" on record, a friday marked by a major financial catastrophe, occurred on September 24, 1869 -- A FRIDAY -- when an attempted cornering of the gold market induced a financial crises and economy-wide depression.
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"Experience keeps a dear school, but fools will learn in no other. " -- Benjamin Franklin
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W
Wage
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