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VOLUNTARY EXCHANGE: The process of willingly trading one item for another. The emphasis here is on "willingly." Voluntary exchanges are the heart and soul of market transactions, and should be contrasted with the "involuntary" exchanges mandated by government taxes, laws, and regulations. While involuntary government-forced exchanges play an important role in a mixed economy, economists really, really like voluntary market exchanges because they promote economic efficiency.
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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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BEIGE MUNDORTLE
[What's This?]
Today, you are likely to spend a great deal of time searching for a specialty store seeking to buy either a video game player or an AC adapter that won't fry your computer. Be on the lookout for poorly written technical manuals.
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Three-forths of the gold mined each year is used to manufacture jewelry.
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"Unless you are willing to drench yourself in your work beyond the capacity of the average man, you are just not cut out for positions at the top." -- J. C. Penney, Retailer
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Income, Nominal Gross National Product
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