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ANNUAL: A standard 12-month period, or one year, used for reporting economic and financial data. Gross Domestic Product and related measures are noted economic data released annually. Many businesses also provide annual financial reports. Another standard reporting period is the quarter.

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Lesson 16: Perfect Competition | Unit 3: Doing Graphs Page: 14 of 28

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

  • The logic behind using marginals to identify profit maximization.

    1. Marginal revenue indicates how much total revenue changes by producing one more or one less unit of output.
    2. Marginal cost indicates how much total cost changes by producing one more or one less unit of output.
    3. Profit increases if marginal revenue is greater than marginal cost and profit decreases if marginal revenue is less than marginal cost.
    4. Profit neither increases nor decreases if marginal revenue is equal to marginal cost.
    5. As such, the production level that equates marginal revenue and marginal cost is profit maximization.


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BANK PANIC

An economy-wide problem in the financial sector and the banking industry that triggers an economy-wide business-cycle contraction or even depression. Bank panics were common throughout the 1800s and early 1900s, during which time they where the primary cause of business-cycle downturns. Bank panics usually involved bank runs that spread from bank to bank throughout the economy.

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Today, you are likely to spend a great deal of time watching the shopping channel looking to buy either throw pillows for your living room sofa or a hepa filter for your furnace. Be on the lookout for jovial bank tellers.
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There were no banks in colonial America before the U.S. Revolutionary War. Anyone seeking a loan did so from another individual.
"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

AIBD
Association of International Bond Dealers (now called International Securities Market Association)
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