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EDUCATION: An increase in the knowledge or skills processed by people. Education is generally view from a "formal" perspective, in which "students" sit in classrooms attuned to enthralling lectures from teachers before they are forced to reveal their education through exams. Education, however, can be much less formal, acquired on the job or through the real word experiences. An important economic aspect of is how it enhances the productivity of labor by increasing human capital. Education, in fact, has been one of the prime sources of economic growth and improved living standards.

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Lesson 10: Utility and Demand | Unit 5: Beyond Demand Page: 21 of 21

Topic: Unit Review <=PAGE BACK | PAGE NEXT=>

In this unit, you should have learned about:
  • How the principles of consumer demand are important to many activities beyond standard economic activity.
  • How elasticity, which is the responsiveness of quantity demanded to demand price, is related to utility.
  • Why production and supply decisions are comparable to consumption and demand decisions.

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AVERAGE REVENUE, PERFECT COMPETITION

The revenue received for selling a good per unit of output sold, found by dividing total revenue by the quantity of output. Average revenue often goes by a simpler and more widely used term... price. For a perfectly competitive firm average revenue is also equal to marginal revenue. Average revenue for a perfectly competitive firm is often depicted by a horizontal average revenue curve.

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APLS

WHITE GULLIBON
[What's This?]

Today, you are likely to spend a great deal of time going from convenience store to convenience store seeking to buy either a printer that works with your stockpile of ink cartridges or income tax software. Be on the lookout for jovial bank tellers.
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The earliest known use of paper currency was about 1270 in China during the rule of Kubla Khan.
"I much prefer the sharpest criticism of a single intelligent man to the thoughtless approval of the masses."

-- Johannes Kepler, German Astronomer

IEBNR
Income Earned But Not Received
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