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BARTER: A method of trading goods, commodities, or services, directly for one another without the use of money. In a barter exchange one good is traded directly for another. This sort of exchange ultimately requires a double coincidence of wants, meaning that each trader has what the other trader wants and wants what the other has. Without a double coincidence of wants the exchange process can become exceedingly complex, requiring a great deal of resources to complete transactions, resources that can not be used for production. In fact, inefficient barter trading was the primary reason that money was invented. With money, more resources can be used for production and fewer are needed for trading.
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AVERAGE REVENUE, PERFECT COMPETITION 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. For a perfectly competitive firm average revenue is also equal to marginal revenue. Average revenue for a perfectly competitive firm is often depicted by a horizontal average revenue curve.
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GREEN LOGIGUIN
[What's This?]
Today, you are likely to spend a great deal of time at the confiscated property police auction seeking to buy either a how-to book on building remote controlled airplanes or an extra large beach blanket. Be on the lookout for the happiest person in the room.
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This isn't me! What am I?
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There were no banks in colonial America before the U.S. Revolutionary War. Anyone seeking a loan did so from another individual.
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"I have no expectation of making a hit every time I come to bat. What I seek is the highest possible batting average." -- President Franklin Delano Roosevelt
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SLLN
Strong Law of Large Numbers
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