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MARGINAL REVENUE, MONOPOLY: The change in total revenue received by a monopoly resulting from a change in the quantity of output sold. For a monopoly firm, marginal revenue is less than the price.

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Lesson 1: Economic Basics | Unit 2: Doing Economics Page: 4 of 18

Topic: Science and Policy <=PAGE BACK | PAGE NEXT=>

The study of economics involves both scientific investigation and policy analysis.

Economists practice both:

  • Positive economics, which uses the scientific method to uncover the basic mechanism of the economy. It seeks to describe the way this world is ARE.
  • Normative economics, which is the policy side of economics. It seeks to prescribe the way the world SHOULD BE.

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COMPARATIVE ADVANTAGE

The ability to produce one good at a relatively lower opportunity cost than other goods, especially compared to production in another country. Every person or country has a comparative advantage in production of at least one good or service, even with relatively limited production technology. A related, but contrasting concept is absolute advantage. Both terms are perhaps most important to the study of international trade, but also provide insight into other exchanges.

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GRAY SKITTERY
[What's This?]

Today, you are likely to spend a great deal of time at a garage sale seeking to buy either a pleather CD case or a how-to book on fine dining. Be on the lookout for door-to-door salesmen.
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This isn't me! What am I?

The wealthy industrialist, Andrew Carnegie, was once removed from a London tram because he lacked the money needed for the fare.
"Success doesn't come to you . . . you go to it "

-- Marva Collins, Educator

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Forecasting and Modeling System
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