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TECHNOLOGY: The sum total of knowledge and information that society has acquired concerning the use of resources to produce goods and services. This technology often takes the form of scientific knowledge (the best combination of chemicals to make a long-lasting floor wax), but can also be plain old common sense (irrigate during a drought, not during a flood). Whether scientific or not, technology affects the technical efficiency with which resources are combined in production. An improvement in technology is thus an increase in the technical efficiency of production--more output with given inputs or fewer inputs for a given output. Technology is often embodied in capital goods. Bigger, better, faster, and less expensive computers are the result of advances in silicon chip technology. However, technology is also embodied in labor as human capital.
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AVERAGE REVENUE The revenue received for selling a good per unit of output sold, found by dividing total revenue by the quantity of output. Average revenue often goes by a simpler and more widely used term... price. Using the longer term average revenue rather than price provides a connection to other related terms, especially total revenue and marginal revenue. When compared with average cost, average revenue indicates the amount of profit generated per unit of output produced. Average revenue is often depicted by an average revenue curve.
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RED AGGRESSERINE
[What's This?]
Today, you are likely to spend a great deal of time at a dollar discount store looking to buy either a birthday gift for your father that doesn't look like every other birthday gift for your father or a green fountain pen. Be on the lookout for crowded shopping malls.
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This isn't me! What am I?
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Lombard Street is London's equivalent of New York's Wall Street.
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"Few things can help an individual more than to place responsibility on him, and to let him know that you trust him. " -- Booker T. Washington, educator
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APT
Arbitrage Pricing Theory
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