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LRMC CURVE: The common abbreviation for the long-run marginal cost curve, which is the graphical representation of the relationship between long-run marginal cost and the quantity of output produced. Like other marginal curves, the long-run marginal cost curve follows the average-marginal rule relative to the long-run average cost curve. In all outward appearance, the long-run marginal cost curve looks very much like the short-run marginal cost, that is, it is U-shaped. However, the U-shape is attributable to returns to scale rather than increasing and decreasing marginal returns.
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GOVERNMENT CONSUMPTION EXPENDITURES AND GROSS INVESTMENT The official item in the National Income and Product Accounts maintained by the Bureau of Economics Analysis measuring government purchases undertaken by the government sector. Government consumption expenditures and gross investment averages between 15-20 percent of gross domestic product. As might be expected, this percentage tends to be ebb and flow with the political winds. Some political leaders prefer more government activity, others less. However, this percentage is even more dependent on military conflicts and wars that require massive government activity. The other official expenditures included in the National Income and Product Accounts are personal consumption expenditures, gross private domestic investment, and net exports of goods and services.
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ORANGE REBELOON
[What's This?]
Today, you are likely to spend a great deal of time searching the newspaper want ads seeking to buy either handcrafted decorations to hang on your walls or throw pillows for your bed. Be on the lookout for florescent light bulbs that hum folk songs from the sixties.
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A lump of pure gold the size of a matchbox can be flattened into a sheet the size of a tennis court!
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"The man who does not read good books has no advantage over the man who cannot read them. " -- Mark Twain
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RBC
Real Business Cycle
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