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GOVERNMENT PURCHASES: Expenditures on final goods and services (that is, gross domestic product) undertaken by the government sector. Government purchases are used to operate the government (administrative salaries, etc.) and to provide public goods (national defense, highways, etc.). Government purchases do not include other government spending for transfer payments. These are expenditures on final goods by all three levels of government: federal, state, and local governments. Government purchases are financed by a mix of taxes and borrowing.
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PERFECT COMPETITION, SHORT-RUN PRODUCTION ANALYSIS A perfectly competitive firm produces the profit-maximizing quantity of output that equates marginal revenue and marginal cost. This production level can be identified using total revenue and cost, marginal revenue and cost, or profit. Because a perfectly competitive firm faces a perfectly elastic demand curve, it efficiently allocates resources by equating price and marginal cost. In addition, the marginal cost curve above the average variable cost curve is the perfectly competitive firm's short-run supply curve.
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GRAY SKITTERY
[What's This?]
Today, you are likely to spend a great deal of time looking for the new strip mall out on the highway seeking to buy either a rechargeable flashlight or storage boxes for your computer software CDs. Be on the lookout for bottles of barbeque sauce that act TOO innocent.
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This isn't me! What am I?
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The average bank teller loses about $250 every year.
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"An idea is never given to you without you being given the power to make it reality." -- Richard Bach, Author
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CBOE
Chicago Board Options Exchange
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