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LABOR FORCE: The total number of people willing and able to exert mental and/or physical efforts in productive activities. In principle, this is everyone 16 years of age and over who is willing and able to work. In practice, it includes the sum of anyone over 16 years who is employed or unemployed but actively seeking a job. The labor force is essentially a more technical term for the economy's labor supply.
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TOTAL REVENUE, MONOPOLY The revenue received by a monopoly firm for the sale of its output. Total revenue is one two bits of information a monopoly firm needs to calculate economic profit, the other is total cost. In general, total revenue is price times quantity--the price received for selling a good times the quantity of the good sold at that price. For a monopoly firm, that charges different prices for different quantities, total revenue increases then decreases. Two other revenue measures directly related to total revenue are average revenue and marginal revenue. Total revenue is often depicted as a total revenue curve.
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BLACK DISMALAPOD
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Today, you are likely to spend a great deal of time at a crowded estate auction wanting to buy either clothing for your pet iguana or a set of hubcaps. Be on the lookout for small children selling products door-to-door.
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Ragnar Frisch and Jan Tinbergen were the 1st Nobel Prize winners in Economics in 1969.
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"Lord, where we are wrong, make us willing to change; where we are right, make us easy to live with. " -- Peter Marshall, US Senate chaplain
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RJE
RAND Journal of Economics
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