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LONG-RUN TREND: The general movement over time of particular measurement, especially one prone toward shorter term fluctuations. One of the most important long-run trends in the study of macroeconomics is for real GDP. The long-run trend of real GDP, which has historically increased about 3% a year, indicates the increase in the economy's production capabilities. Such capabilities have increased due to increases in the quantity and quality of resources.
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AVERAGE REVENUE, MONOPOLISTIC COMPETITION 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. For a monopolistically competitive firm average revenue is greater than marginal revenue. Average revenue for a monopolistically competitive firm is often depicted by a negatively-sloped average revenue curve.
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RED AGGRESSERINE
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Today, you are likely to spend a great deal of time flipping through mail order catalogs wanting to buy either a video camera with stop action features or one of those memory foam pillows. Be on the lookout for telephone calls from long-lost relatives.
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A thousand years before metal coins were developed, clay tablet "checks" were used as money by the Babylonians.
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"A professional is a man who can do his best at a time when he doesnžt particularly feel like it. " -- Alistair Cooke, broadcaster
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BIS
Bank for International Settlements
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