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MACROECONOMY: The aggregate, or national economy that is the prime focus of the study of macroeconomics.

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Lesson 16: Perfect Competition | Unit 3: Doing Graphs Page: 12 of 28

Topic: Total Curves <=PAGE BACK | PAGE NEXT=>

  • Total Revenue: The first curve to note is the total revenue curve, labeled TR. The reason is that it is a straight line.

  • Total Cost: The second curve is the total cost curve, labeled TC.

  • The shape of the total cost curve reflects the principles of short-run production.

  • Profit is the difference between total revenue and total cost, which is visually seen as the vertical distance between the two curves.

  • The breakeven output.

  • Breakeven output is the quantity of output in which the total revenue is equal to total cost such that a firm earns exactly a normal profit, but receives no economic profit nor incurs an economic loss.

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    BALANCE OF TRADE DEFICIT

    The negative difference of the value of goods and services exported out of a country less the value of goods and services imported into the country. A balance of trade deficit is the official term for negative net exports that occurs when imports exceed exports. A balance of trade deficit is also termed an "unfavorable" balance of trade because it results in a net outflow of monetary payments from the domestic economic to the foreign sector, which tends to be bad for a country. The alternative is a balance of trade surplus in which exports exceed imports.

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    BLUE PLACIDOLA
    [What's This?]

    Today, you are likely to spend a great deal of time browsing through a long list of dot com websites looking to buy either a birthday greeting card for your aunt or a wall poster commemorating the moon landing. Be on the lookout for neighborhood pets, especially belligerent parrots.
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    This isn't me! What am I?

    There were no banks in colonial America before the U.S. Revolutionary War. Anyone seeking a loan did so from another individual.
    "Think not of yourself as the architect of your career but as the sculptor. Expect to have to do a lot of hard hammering and chiseling and scraping and polishing. "

    -- B. C. Forbes, founder, Forbes magazine

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