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EFFECTIVE DEMAND: The notion that the actual demand for aggregate output in the macroeconomy is based on the actual income or other existing economic conditions and not on income and conditions existing in equilibrium. The idea of effective demand plays a key role in Keynesian economics and how the macroeconomy can have extended periods of unemployment. Effective demand is in direct contrast to the view underlying classical economics that demand is that existing in equilibrium.
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AVERAGE REVENUE AND MARGINAL REVENUE A mathematical connection between average revenue and marginal revenue stating that the change in the average revenue depends on a comparison between average revenue and marginal revenue. For perfect competition, with no market control, marginal revenue is equal to average revenue, and average revenue does not change. For monopoly and other firms with market control, marginal revenue is less than average revenue, and average revenue falls.
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BROWN PRAGMATOX
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Today, you are likely to spend a great deal of time at a flea market seeking to buy either a half-dozen helium filled balloons or a packet of address labels large enough for addresses of both the sender and the recipient. Be on the lookout for high interest rates.
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This isn't me! What am I?
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Lombard Street is London's equivalent of New York's Wall Street.
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"The truth of the matter is that you always know the right thing to do. The hard part is doing it." -- Norman Schwarzkopf, US Army general
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UTP
Unfair Trade Practice
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