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PREMIUM: In financial terms, a bond or similar financial asset that sells above its face value. A premium is paid to equalize a bond's interest rate with comparable interest rates. For example, a $100,000 bond that pays a fixed 10 percent interest on the face value ($10,000) would be sell at a premium of $125,000 if comparable interest rates were 8 percent. As such, the $10,000 interest works out to be 8 percent of the $125,000 price.

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PERFECT COMPETITION, LONG-RUN EQUILIBRIUM CONDITIONS

The long-run equilibrium of a perfectly competitive industry generates six specific equilibrium conditions, including: (1) economic efficiency (P = MC), (2) profit maximization (MR = MC), (3) perfect competition (MR = AR = P), (4) breakeven output (P = AR = ATC), (5) minimum production cost (MC = ATC), and (6) minimum efficient scale (MC = ATC = LRAC = LRMC).

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Today, you are likely to spend a great deal of time wandering around the shopping mall seeking to buy either a 50 foot extension cord or a combination CD player, clock radio, and telephone (with answering machine). Be on the lookout for the last item on a shelf.
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In his older years, Andrew Carnegie seldom carried money because he was offended by its sight and touch.
"The secret of getting ahead is getting started. The secret of getting started is breaking your complex, overwhelming tasks into small manageable tasks, and then starting on the first one. "

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