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INCOME: Revenue earned or received by households that can be used for consumption or saving. For the aggregate economy, earned income is termed national income, while received income is termed personal income. The key is that income for the aggregate economy is generated in the production of goods and services.
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MARKET CLEARING A condition of the market in which the quantity demanded is equal to the quantity supplied, such that the market is "clear" of any shortage or surplus. Market clearing is a common, non-technical term for equilibrium. In a market graph, the market clearing is found at the intersection of the demand curve and the supply curve.
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In the Middle Ages, pepper was used for bartering, and it was often more valuable and stable in value than gold.
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"Gravitation can not be held responsible for people falling in love." -- Albert Einstein
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LRTC
Long Run Total Cost
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