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IN-KIND PAYMENT: A payment, usually in exchange for the productive efforts of resources, that takes the form of goods and services rather than the economy's standard monetary unit (that is, dollars). In other words, resource owners are compensated with a portion of the output that they helped to produce. The standard method of compensation, which is illustrated by the circular flow model, is for a firm to pay resource owners using money revenue received from selling its production. Hence most factor payments are monetary payments. However, in some circumstances firms and resource owners find it more convenient to use actual production for compensation, eliminating the middle sell-production-for-money step

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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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PATERNALISM

A fundamental philosophical viewpoint that the private sector (households and businesses) needs to be closely supervised by the public sector (government). In other words, members of society need to be watched over, cared for, and kept out of trouble, like parents watch over, care for, and keep their children out of trouble.

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APLS

BLUE PLACIDOLA
[What's This?]

Today, you are likely to spend a great deal of time looking for a downtown retail store wanting to buy either a birthday greeting card for your aunt or a wall poster commemorating the moon landing. Be on the lookout for cardboard boxes.
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On a typical day, the United States Mint produces over $1 million worth of dimes.
"And while the law of competition may be sometimes hard for the individual, it is best for the race, because it ensures the survival of the fittest in every department. "

-- Andrew Carnegie, entrepreneur

OECD
Organization for Economic Co-operation and Development
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