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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.
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INDUCED EXPENDITURES Expenditures on aggregate production by the four macroeconomic sectors that depend on income or production (especially national income or even gross domestic product). That is, changes in income generate changes in these expenditures. Each of the four aggregate expenditures--consumption, investment expenditures, government purchases, and net exports--have an induced component. Induced expenditures are measured by the slope of the aggregate expenditures line. The alternative to induced expenditures are autonomous expenditures, expenditures which do not depend on income.
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PINK FADFLY
[What's This?]
Today, you are likely to spend a great deal of time waiting for visits from door-to-door solicitors wanting to buy either looseleaf notebook paper or a three-hole paper punch. Be on the lookout for gnomes hiding in cypress trees.
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This isn't me! What am I?
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The wealthy industrialist, Andrew Carnegie, was once removed from a London tram because he lacked the money needed for the fare.
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"In a time of drastic change, it is the learners who inherit the future. " -- Eric Hoffer, philosopher
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ECU
European Currency Unit
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