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GROSS DOMESTIC PRODUCT, WELFARE: Gross domestic product (GDP) is the total market value of all goods and services produced within the political boundaries of an economy during a given period of time, usually one year. GDP is intended to measure the nation's production of wants-and-needs satisfying goods and services. While it provides an indication of how far the economy has come on the long road to battling the ever-present scarcity problem, it is NOT a direct measure of the nation's welfare or well-being. GDP is certainly a big component of the well-being of the country, but not the ONLY component.
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PERFECT COMPETITION, PROFIT ANALYSIS A perfectly competitive firm produces the profit-maximizing quantity of output that generates the highest level of profit. This profit approach is one of three methods that used to determine the profit-maximizing quantity of output. The other two methods involve a comparison of total revenue and total cost or a comparison of marginal revenue and marginal cost.
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BLACK DISMALAPOD
[What's This?]
Today, you are likely to spend a great deal of time watching the shopping channel seeking to buy either a birthday gift for your mother or a weathervane with a horse on top. Be on the lookout for florescent light bulbs that hum folk songs from the sixties.
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Post WWI induced hyperinflation in German in the early 1900s raised prices by 726 million times from 1918 to 1923.
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"You have to find something that you love enough to be able to take risks, jump over the hurdles and break through the brick walls that are always going to be placed in front of you. If you don't have that kind of feeling for what it is you're doing, you'll stop at the first giant hurdle. " -- George Lucas
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WPO
Weakly Pareto Optimal
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