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SAY'S LAW: A classical economic proposition stating that the production of aggregate output creates sufficient aggregate demand to purchase all of the output produced. In other words, supply creates its own demand. This is one of the three assumptions underlying the macroeconomic theory of classical economics which concluded that unrestricted market activity would generate full employment. The other two assumptions are flexible prices and saving-investment equality. Say's law is closely associated with the circular flow model.
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AVERAGE REVENUE CURVE, MONOPOLY A curve that graphically represents the relation between average revenue received by a monopoly for selling its output and the quantity of output sold. Because average revenue is essentially the price of a good, the average revenue curve is also the demand curve for a monopoly's output.
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RED AGGRESSERINE
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Today, you are likely to spend a great deal of time looking for the new strip mall out on the highway wanting to buy either a 50-foot blue garden hose or a turbo-powered vacuum cleaner. Be on the lookout for gnomes hiding in cypress trees.
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Two and a half gallons of oil are needed to produce one automobile tire.
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"If a man hasn't discovered something that he will die for, he isn't fit to live. " -- Martin Luther King Jr., clergyman
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IRR
Internal Rate of Return
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