|
|
NEEDS STANDARD: One of three basic income distribution standards (the other two are contributive standard and equality standard). The needs standard distributes income based on how many goods and services people require. A manual laborer, for example, who exerts more physical effort, would receive more income to buy more food that an office worker who burns fewer calories during the day. The U.S. welfare system primarily employs this needs standard when determining the poverty line and subsequent welfare payments.
Visit the GLOSS*arama
|
|
|
|
|
PERFECT COMPETITION, SHORT-RUN PRODUCTION ANALYSIS A perfectly competitive firm produces the profit-maximizing quantity of output that equates marginal revenue and marginal cost. This production level can be identified using total revenue and cost, marginal revenue and cost, or profit. Because a perfectly competitive firm faces a perfectly elastic demand curve, it efficiently allocates resources by equating price and marginal cost. In addition, the marginal cost curve above the average variable cost curve is the perfectly competitive firm's short-run supply curve.
Complete Entry | Visit the WEB*pedia |
|
|
|
The earliest known use of paper currency was about 1270 in China during the rule of Kubla Khan.
|
|
|
"God grants victory to perseverance. " -- Simon Bolivar, South American liberator
|
|
HIP
Health Insurance Plan
|
|
|
Tell us what you think about AmosWEB. Like what you see? Have suggestions for improvements? Let us know. Click the User Feedback link.
User Feedback
|
|
