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GOVERNMENT POLICIES: Government actions designed to affect economic activity and pursue one or more economic goals. Also called economic policies. The four common types of government policies are: fiscal, monetary, regulatory, and judicial.

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AVERAGE VARIABLE COST

Total variable cost per unit of output, found by dividing total variable cost by the quantity of output. When compared with price (per unit revenue), average variable cost (AVC) indicates whether or not a profit-maximizing firm should shut down production in the short run. Average variable cost is one of three average cost concepts important to short-run production analysis. The other two are average total cost and average fixed cost. A related concept is marginal cost.

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Today, you are likely to spend a great deal of time looking for a downtown retail store trying to buy either a T-shirt commemorating the second moon landing or a coffee cup commemorating Thor Heyerdahl's Pacific crossing aboard the Kon-Tiki. Be on the lookout for high interest rates.
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Only 1% of the U.S. population paid income taxes when the income tax was established in 1914.
"Try first to be a man of value; success will follow. "

-- Albert Einstein, physicist

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