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TOTAL REVENUE, PERFECT COMPETITION: The revenue received by a perfectly competitive firm for the sale of its output. Total revenue is one two bits of information a perfectly competitive firm needs to calculate economic profit, the other is total cost. In general, total revenue is the price times quantity--the price received for selling a good times the quantity of the good sold at that price. For a perfectly competitive firm, which receives a single unchanging price for all output sold, the calculation is relatively easy. Two other revenue measures directly related to total revenue are average revenue and marginal revenue. Total revenue is often depicted as a total revenue curve.
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Lesson 19: Money Creation | Unit 1: A Little Magic
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Page: 3 of 23
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The magic is that banks create something of value: they create money. Note that: - To create other valuable items we need valuable resources.
- Banks create money by adding to a checking account.
Precedents:- Governments have done this for centuries: When they print paper currency, they transform items with little or no value into money with more value, value that is created from nothing.
The reality of money creation:- Banks do part of the money 'printing' or creation function historically performed by governments.
- This is the reason why banks are heavily regulated.
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SLOPE, SHORT-RUN AGGREGATE SUPPLY CURVE The positive slope of the short-run aggregate supply curve, reflecting the direct relation between the price level and real production, results for three primary reasons--inflexible resources, frictional and structural unemployment, and purchasing power imbalances.
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BEIGE MUNDORTLE
[What's This?]
Today, you are likely to spend a great deal of time searching for rummage sales seeking to buy either an instructional DVD on learning to the play the oboe or a small, foam rubber football. Be on the lookout for celebrities who speak directly to you through your television.
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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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"The road to success is always under construction. " -- Lily Tomlin, Actress
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UTP
Unfair Trade Practice
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