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WORKERS' COMPENSATION: A government-run insurance program that provides benefits to workers injured on the job. Funding for these benefits come from premiums paid by employers. The federal government mandates the program, but it's administered by each of the states. This creates a great deal of diversity, with some states having good benefits and high premiums (sort of pro labor), while others have lousy benefits and low premiums (pro business). In addition to differences among states, premiums also differ based on a business's historical record of accidents. Those companies with a higher number of industrial accidents pay more in premiums than those with fewer accidents.
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MARGINAL REVENUE CURVE, PERFECT COMPETITION A curve that graphically represents the relation between the marginal revenue received by a perfectly competitive firm for selling its output and the quantity of output sold. Because a perfectly competitive firm is a price taker and faces a horizontal demand curve, its marginal revenue curve is also horizontal and coincides with its average revenue (and demand) curve. A perfectly competitive firm maximizes profit by producing the quantity of output found at the intersection of the marginal revenue curve and marginal cost curve.
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Today, you are likely to spend a great deal of time strolling around a discount warehouse buying club seeking to buy either storage boxes for your income tax returns or an AC adapter for your CD player. Be on the lookout for empty parking spaces that appear to be near the entrance to a store.
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Three-forths of the gold mined each year is used to manufacture jewelry.
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"Don't be distracted by criticism. Remember the only taste of success some people have is when they take a bite out of you." -- Zig Ziglar
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