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MARGINAL REVENUE AND MARGINAL COST: A profit-maximizing firm produces the quantity of output that equates marginal revenue and marginal cost. This is one of three methods typically used to determine the profit-maximizing quantity of output produced by a firm. The other two methods are total revenue and total cost and profit curve. This marginal revenue and marginal cost approach to identifying profit-maximizing production can be accomplished using either a table of numbers of a set of curves. The end result is the same. Profit-maximizing production takes place at the quantity generating an equality between marginal revenue and marginal cost.
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BARTER A method of trading goods, commodities, or services, directly for one another without the use of money. Barter was the first type of market exchanged undertaken by human civilization as people advanced beyond self sufficiency in the satisfaction of their wants and needs. Modern economies still use a modest amount of barter to allocate resources. The key to a barter exchange is a double coincidence of wants, in which each side of the exchange wants what the other side has and has want the other side wants. A barter exchange tends to be less efficient that exchanges involving money.
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BLACK DISMALAPOD
[What's This?]
Today, you are likely to spend a great deal of time browsing through a long list of dot com websites seeking to buy either a birthday greeting card for your uncle or a T-shirt commemorating the 2000 Presidential election. Be on the lookout for neighborhood pets, especially belligerent parrots.
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This isn't me! What am I?
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Three-forths of the gold mined each year is used to manufacture jewelry.
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"The victory of success is half won when one gains the habit of setting goals and achieving them. Even the most tedious chore will become endurable as you parade through each day convinced that every task, no matter how menial or boring, brings you closer to fulfilling your dreams." -- Og Mandino, Author and Speaker
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SLLN
Strong Law of Large Numbers
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