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REAL ECONOMY: The physical side of the economy dealing with goods, services and resources. This side is concerned with using resources to produce the goods and services that make the satisfaction of wants and needs possible. This should be contrasted with the paper economy, or financial side of the economy.
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AVERAGE REVENUE The revenue received for selling a good per unit of output sold, found by dividing total revenue by the quantity of output. Average revenue often goes by a simpler and more widely used term... price. Using the longer term average revenue rather than price provides a connection to other related terms, especially total revenue and marginal revenue. When compared with average cost, average revenue indicates the amount of profit generated per unit of output produced. Average revenue is often depicted by an average revenue curve.
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Only 1% of the U.S. population paid income taxes when the income tax was established in 1914.
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"He, who every morning plans the transactions of the day, and follows that plan, carries a thread that will guide him through a labyrinth of the most busy life." -- Victor Hugo, Writer
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RJE
RAND Journal of Economics
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