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AGGREGATE EXPENDITURES: The total expenditures on gross domestic product undertaken in a given time period by the four sectors -- household, business, government, and foreign. Expenditures made by each of these sectors are specifically labeled consumption expenditures, investment expenditures, government purchases, and net exports. Aggregate expenditures (AE) are a cornerstone in the study of macroeconomics, playing critical roles in Keynesian economics, aggregate market analysis, and to a lesser degree, monetarism.

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Lesson 16: Perfect Competition | Unit 4: Long-Run Equilibrium Page: 22 of 28

Topic: Equilibrium Conditions <=PAGE BACK | PAGE NEXT=>

  • The conditions for perfect competition:
    • Profit maximization:

      MR = SRMC = LRMC.

    • Normal profit:

      P = SRATC = LRAC.

  • Let me also include the condition that exists because a firm is perfectly competitive:
    • Perfect competition:

      P = MR = AR.


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ACCOUNTING PROFIT

The difference between the revenue received by a firm and the explicit accounting cost incurred. This is the profit listed on a firm's balance sheet, appears periodically in the financial sector of the newspaper, and is reported to the Internal Revenue Service for tax purposes. While accounting profit is the "standard" designation of profit used in the business world, economists prefer to use economic profit

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APLS

BLACK DISMALAPOD
[What's This?]

Today, you are likely to spend a great deal of time searching the newspaper want ads looking to buy either a three-hole paper punch or decorative picture frames. Be on the lookout for jovial bank tellers.
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Lombard Street is London's equivalent of New York's Wall Street.
"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

IRR
Internal Rate of Return
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