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SELF-CORRECTION, MARKET: The automatic process through which markets adjust from disequilibrium to equilibrium. Pointy-headed economists really like markets, even more than they like Englebert Humperdink. The reason is that markets have a built-in self correction mechanism. If a market is in equilibrium, it remains there until the cows come home. But if it's NOT in equilibrium, if it is in disequilibrium, it moves back. This means that no one (read this as government) needs to lord over markets, night and day, to ensure that they work. To reach an exchange that's mutually agreeable to both buyers and sellers, the buyers and sellers just need to be left alone (that is. laissez faire).
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AVERAGE REVENUE CURVE, PERFECT COMPETITION A curve that graphically represents the relation between average revenue received by a perfectly competitive firm 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 perfectly competitive firm's output.
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GREEN LOGIGUIN
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Today, you are likely to spend a great deal of time at a going out of business sale trying to buy either a velvet painting of Elvis Presley or a wall poster commemorating yesterday. Be on the lookout for strangers with large satchels of used undergarments.
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It's estimated that the U.S. economy has about $20 million of counterfeit currency in circulation, less than 0.001 perecent of the total legal currency.
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"To succeed you need to find something to hold on to, something to motivate you, something to inspire you." -- Tony Dorsett, Football player
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GDI
Gross Domestic Income
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