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WEALTH DISTRIBUTION: The manner in which wealth is divided among the members of the economy. A perfectly equal wealth distribution would mean everyone in the country has exactly the same wealth. In reality, wealth is unequally distributed. A few people have a great deal of wealth and most others have less. Any well-functioning economy, that's doing a pretty good job of satisfying consumer wants and needs, will have some degree of inequality in the distribution of wealth. This occurs because some people have done a good job of producing what people want, and thus grow wealthy. However, wealth tends to perpetuate itself, over and above what may be justified by valuable production. Along with wealth comes market control, political power, and the ability to accumulate more wealth at the expense of others.
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MARGINAL REVENUE CURVE A curve that graphically represents the relation between the marginal revenue received by a firm for selling its output and the quantity of output sold. A firm maximizes profit by producing the quantity of output found at the intersection of the marginal revenue curve and marginal cost curve. The marginal revenue curve for a firm with no market control is horizontal. The marginal revenue curve for a firm with market control is negatively sloped and lies below the average revenue curve.
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BROWN PRAGMATOX
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Today, you are likely to spend a great deal of time at a garage sale looking to buy either a large red and white striped beach towel or a bottle of blackcherry flavored spring water. Be on the lookout for slow moving vehicles with darkened windows.
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The portion of aggregate output U.S. citizens pay in taxes (30%) is less than the other six leading industrialized nations -- Britain, Canada, France, Germany, Italy, or Japan.
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"The two most powerful warriors are patience and time. " -- Leo Tolstoy, author
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Income, Nominal Gross National Product
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