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M1: The narrow-range monetary aggregate for the U.S. economy containing the combination of currency (and coins) issued by government and held by the nonbank public and checkable deposits issued by banking institutions. M1 contains the two items that function as THE medium of exchange for the U.S. economy. M1 is one of three monetary aggregates tracked and reported by the Federal Reserve System. The other two are designated M2 and M3.
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TOTAL REVENUE AND TOTAL COST: A profit-maximizing firm produces output where the difference between total revenue and total cost, that is economic profit, is the greatest. This total revenue and total cost approach to identifying profit-maximizing production can be accomplished using either a table of numbers of a set of curves. However, the end result is the same. Profit-maximizing production takes place at the quantity generating the greatest difference between total revenue and total cost. An added benefit of performing the analysis with curves, however, is the observation that profit-maximizing production occurs where the slopes of the total revenue and total cost curves are equal. See also | total revenue | total cost | short-run production | economic profit | profit maximization | marginal revenue and marginal cost | profit curve | marginal revenue | marginal cost |
Recommended Citation:TOTAL REVENUE AND TOTAL COST, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2025. [Accessed: July 18, 2025].
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LIBERAL A political view that favors--(1) paternalistic government, (2) correction of market failure with government intervention, (3) equal opportunities for all citizens regardless of race, age, gender, ethnic origin, or planet of origin, (4) redistribution of income and wealth, and (5) regulation and control by government over the profit-seeking businesses of the second estate.
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PURPLE SMARPHIN
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Today, you are likely to spend a great deal of time flipping through mail order catalogs trying to buy either a flower arrangement for your aunt or a birthday greeting card for your uncle. Be on the lookout for rusty deck screws.
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In the early 1900s around 300 automobile companies operated in the United States.
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"A winner is someone who recognizes his God-given talents, works his tail off to develop them into skills, and uses those skills to accomplish his goals. " -- Larry Bird, basketball player
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