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KNOWLEDGE ECONOMY: The notion that economic activity is oriented on the production and consumption of knowledge (or information), which is fundamentally different from economic activity oriented on the production and consumption of manufacturing or agricultural goods. The key to the knowledge economy is the widespread use of computers, the Internet, and other information-based technology. Differences in the knowledge economy result for the public goods nature of knowledge and information (that is, use by one does not exclude use by another).
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MARGINAL REVENUE CURVE, MONOPOLISTIC COMPETITION A curve that graphically represents the relation between the marginal revenue received by a monopolistically competitive firm for selling its output and the quantity of output sold. Because a monopolistically competitive firm is a price maker and faces a negatively-sloped demand curve, its marginal revenue curve is also negatively sloped and lies below its average revenue (and demand) curve. A monopolistically competitive firm maximizes profit by producing the quantity of output found at the intersection of the marginal revenue curve and marginal cost curve.
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ORANGE REBELOON
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Today, you are likely to spend a great deal of time at a garage sale looking to buy either a green and yellow striped sweater vest or a Boston Red Sox baseball cap. Be on the lookout for the happiest person in the room.
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In the late 1800s and early 1900s, almost 2 million children were employed as factory workers.
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"There is no passion to be found playing small ‚ in settling for a life that idles than the one you are capable of living." -- Nelson Mandela
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AAT
Association of Accounting Technicians
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