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NOMINAL GDP: The total market value, measured in current prices, of all goods and services produced within the political boundaries of an economy during a given period of time, usually one year. The key is that nominal gross domestic product is measured in current, or actual prices; the prices buyers actually pay for goods and services purchased. Nominal gross domestic product is also termed current gross domestic product.

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Lesson 16: Perfect Competition | Unit 2: Short-Run Output Page: 10 of 28

Topic: Comparing Marginals <=PAGE BACK | PAGE NEXT=>

  • A look at the numbers:

    Our focus at this point, however is on marginal revenue and marginal cost:

    • Marginal Revenue (MR): The third column displays marginal revenue, which is a constant at the $4 per unit at every quantity of output. The price is fixed and so too is marginal revenue.

    • Marginal Cost (MC): The fifth column presents the marginal cost the firm incurs in the short run for the production of units.

  • The analysis of total revenue indicates that the profit-maximizing production is 7 units, which generates a profit of $7.


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LABOR FORCE

The total number of people in an economy, society, or country willing and able to exert mental and/or physical efforts in productive activities. The labor force is a more technical term for the labor resource or labor supply. It includes both employed workers and unemployed workers. An official variation of this term is civilian labor force. While labor force may or may not include military personnel, the civilian labor force explicitly excludes the military. Labor and labor resources are the theoretical terms that economists like to banter about. Labor force and civilian labor force are the terms of choice for government policy makers, data-crunchers, and others who need precise labor resource numbers.

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APLS

BEIGE MUNDORTLE
[What's This?]

Today, you are likely to spend a great deal of time searching the newspaper want ads seeking to buy either a black duffle bag with velcro closures or any book written by Isaac Asimov. Be on the lookout for poorly written technical manuals.
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The 1909 Lincoln penny was the first U.S. coin with the likeness of a U.S. President.
"If anything terrifies me, I must try to conquer it. "

-- Francis Charles Chichester, yachtsman, aviator

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Multilateral Trade Negotiations
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