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MARKET: The organized exchange of commodities (goods, services, or resources) between buyers and sellers within a specific geographic area and during a given period of time. Markets are the exchange between buyers who want a good--the demand-side of the market--and the sellers who have it--the supply--side of the market. In essence, a buyer gives up money and gets a good, while a seller gives up a good and gets money. From a marketing context, in order to be a market the following conditions must exist. The target consumers must have the ability to purchase the goods or services. They must have a need or desire to purchase. The target group must be willing to exchange something of value for the product. Finally, they must have the authority to make the purchase. If all these variables are present, a market exits.
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AVERAGE VARIABLE COST Total variable cost per unit of output, found by dividing total variable cost by the quantity of output. When compared with price (per unit revenue), average variable cost (AVC) indicates whether or not a profit-maximizing firm should shut down production in the short run. Average variable cost is one of three average cost concepts important to short-run production analysis. The other two are average total cost and average fixed cost. A related concept is marginal cost.
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RED AGGRESSERINE
[What's This?]
Today, you are likely to spend a great deal of time touring the new suburban shopping complex looking to buy either a blue mechanical pencil or super soft, super cuddly, stuffed animals. Be on the lookout for strangers with large satchels of used undergarments.
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The word "fiscal" is derived from a Latin word meaning "moneybag."
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"A pint of sweat saves a gallon of blood. " -- General George Patton
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RJE
RAND Journal of Economics
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