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PATENT: The guaranteed ownership and control of an invention, innovation, or production technique by government for a period of time (currently 17 years). A patent gives the owner the exclusive rights to sell, market, license, or otherwise generate revenue from an invention, innovation, or production technique. Patents are designed to encourage inventions and other developments that promote technological advances. However, they are also an entry barrier and lead to market control.

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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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Today, you are likely to spend a great deal of time surfing the Internet looking to buy either a weathervane with a horse on top or a case of blank recordable DVDs. Be on the lookout for cardboard boxes.
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The standard "debt" notation I.O.U. does not mean "I owe you," but actually stands for "I owe unto..."
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-- Ralph Waldo Emerson

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