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INSTITUTION: An established method or way of doing something that's widely accepted throughout society. Common institutions include marriage, markets, high school football in the fall, government, and Christmas gift-giving. Institutions provide the rules and guidelines needed to carry out the day-to-day activities of our lives. Institutions provide the crucial structure of a society and the framework within which economic activity takes place. Without institution structure, anarchy would prevail. With the rules, though, come rigidities that can prevent resources from being allocated efficiently.
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TOTAL REVENUE, PERFECT COMPETITION The revenue received by a perfectly competitive firm for the sale of its output. Total revenue is one two bits of information a perfectly competitive firm needs to calculate economic profit, the other is total cost. In general, total revenue is the price times quantity--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. Two other revenue measures directly related to total revenue are average revenue and marginal revenue. Total revenue is often depicted as a total revenue curve.
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BLACK DISMALAPOD
[What's This?]
Today, you are likely to spend a great deal of time lost in your local discount super center hoping to buy either a wall poster commemorating the 2000 Olympics or a flower arrangement with a lot of roses for your grandmother. Be on the lookout for telephone calls from long-lost relatives.
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A scripophilist is one who collects rare stock and bond certificates, usually from extinct companies.
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"The work of the individual still remains the spark that moves mankind forward. " -- Igor Sikorsky, aeronautical engineer
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T-BOND
Treasury Bond
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