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POLLUTION RIGHTS MARKET: A market-based system for the exchange of permits or "rights" to release pollution residuals into the environment. These pollution permits would be bought and sold in an organized market not unlike the stock market. Prices would vary according to the forces of supply and demand, allowing individual participants to buy and sell based on their particular circumstances. The total number of permits would be based on the amount of permissible pollution residuals that can be safely released into the environment during a given period of time. These permits could be given away or auction off to potential polluters.
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AVERAGE REVENUE 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. Using the longer term average revenue rather than price provides a connection to other related terms, especially total revenue and marginal revenue. When compared with average cost, average revenue indicates the amount of profit generated per unit of output produced. Average revenue is often depicted by an average revenue curve.
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BEIGE MUNDORTLE
[What's This?]
Today, you are likely to spend a great deal of time watching infomercials hoping to buy either a black duffle bag with velcro closures or any book written by Isaac Asimov. Be on the lookout for slightly overweight pizza delivery guys.
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This isn't me! What am I?
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Lewis Carroll, the author of Alice in Wonderland, was the pseudonym of Charles Dodgson, an accomplished mathematician and economist.
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"I learned about the strength you can get from a close family life. I learned to keep going, even in bad times. I learned not to despair, even when my world was falling apart. I learned that there are no free lunches. And I learned the value of hard work. " -- Lee Iacocca
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NAIRU
Non-Accelerating Inflation Rate of Unemployment
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