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MARGINAL REVENUE, MONOPOLISTIC COMPETITION: The change in total revenue received by a monopolistically competitive firm resulting from a change in the quantity of output sold. For a monopolistically competitive firm, marginal revenue is less than the price.
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Lesson 3: Scarcity | Unit 2: Resources
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Page: 4 of 17
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Factors of production, productive factors, or resources are the 'stuff' used to create wants-and-needs-satisfying goods. Economists have four official groups, or categories, for our resources, for our factors of production: - Labor: human effort, both physical and mental.
- Capital: machines, equipment, tools, and buildings.
- Land: raw materials or natural resources.
- Entrepreneurship: risk-taking organizers of production.
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PERSONAL INCOME The total income received by the members of the domestic household sector, which may or may not be earned from productive activities during a given period of time, usually one year. Personal income (PI) is one of three measures of income reported in the National Income and Product Accounts maintained by the Bureau of Economic Analysis. The other two are national income (NI) and disposable income (DI). Two related measures of production are gross domestic product (GDP) and net domestic product (NDP). The primary use of personal income is to measure the income actually paid out to the household sector. After adjusting for income taxes, personal income forms the basis for consumption expenditures on gross domestic product.
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WHITE GULLIBON [What's This?]
Today, you are likely to spend a great deal of time driving to a factory outlet trying to buy either a birthday gift for your uncle or a pair of red and purple designer socks. Be on the lookout for florescent light bulbs that hum folk songs from the sixties. Your Complete Scope
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The 1909 Lincoln penny was the first U.S. coin with the likeness of a U.S. President.
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"Good judgment comes from experience, and often experience comes from bad judgment." -- Rita Mae Brown ‚ Writer
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AACT American Assocation of Commodity Traders
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