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July 13, 2025 

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CHAIRMAN OF THE BOARD OF GOVERNORS: The head of the Federal Reserve Board of Governors and the Federal Reserve System. This is the guy in charge of monetary policy and is considered to be one of the two or three most powerful people in terms of the national and global economy. The Chairman is one of the seven members of the Board and serves as Chairman for a five-year term. The Fed Chairman also serves as Chairman of the powerful Federal Open Market Committee, the Fed Committee that sets the course of monetary policy.

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TOTAL REVENUE: The revenue received by a firm for the sale of its output. Total revenue is one of two parts a firm needs for the calculation of economic profit, the other is total cost. In general, total revenue is the price received for selling a good times the quantity of the good sold at that price. For a perfectly competitive firm, which receives a single unchanging price for all output sold, the calculation is relatively easy. For other real world firms, that charge different prices to different buyers for different quantities, the calculation can be more complex.

     See also | firm | economic profit | short-run production | quantity | perfect competition | price | average revenue | marginal revenue | total revenue curve | monopoly | oligopoly | monopolistic competition | total revenue and total cost |


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TOTAL REVENUE, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2025. [Accessed: July 13, 2025].


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ASSUMPTION

An initial condition or statement of a model or theory that sets the stage for an analysis by abstracting from the real world. Assumptions are important to economic analysis. Some assumptions are used to simplify a complex analysis into more easily manageable parts. Other assumptions are used as control conditions that are subsequently changed to evaluate the consequences.

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Today, you are likely to spend a great deal of time searching for a specialty store hoping to buy either an AC adapter for your CD player or storage boxes for your family photos. Be on the lookout for letters from the Internal Revenue Service.
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The standard "debt" notation I.O.U. does not mean "I owe you," but actually stands for "I owe unto..."
"To sit back and let fate play its hand out, and never influence it, is not the way man was meant to operate."

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