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ECONOMIC PROFIT: The difference between business revenue and total opportunity cost. This is the revenue received by a business over and above the minimum needed to produce a good. In this sense, economic profit is a sign of inefficiency. If a business receives an economic profit, then society (the buyers) are spending more on a good than society (the resource owners) are giving up to produce the good.
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BARTER EXCHANGE: A method of trading goods, commodities, or services, directly for one another without the use of money. In a barter exchange one good is traded directly for another. This sort of exchange ultimately requires a double coincidence of wants, meaning that each trader has what the other trader wants and wants what the other has. Without a double coincidence of wants the exchange process can become exceedingly complex, requiring a great deal of resources to complete transactions, resources that can not be used for production. In fact, inefficient barter trading was the primary reason that money was invented. With money, more resources can be used for production and fewer are needed for trading. See market. See also | good | service | money | exchange | double coincidence of wants | resources | production | market |
Recommended Citation:BARTER EXCHANGE, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2024. [Accessed: July 26, 2024].
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MARGINAL REVENUE PRODUCT AND FACTOR DEMAND A perfectly competitive firm's factor demand curve is that negatively-sloped portion of its marginal revenue product curve. A perfectly competitive firm maximizes profit by hiring the quantity of input that equates factor price and marginal revenue product. As such, the firm moves along its negatively-sloped marginal revenue product curve in response to changing factor prices.
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GRAY SKITTERY
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Today, you are likely to spend a great deal of time flipping through mail order catalogs looking to buy either a genuine down-filled comforter or a 200-foot blue garden hose. Be on the lookout for high interest rates.
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Potato chips were invented in 1853 by a irritated chef repeatedly seeking to appease the hard to please Cornelius Vanderbilt who demanded french fried potatoes that were thinner and crisper than normal.
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"Old age isn't so bad when you consider the alternative. " -- Cato, Roman orator
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DOJ
Department of Justice (US)
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