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ABSOLUTE ADVANTAGE: The general ability to produced more goods using fewer resources. This idea of absolute advantage is important for trading that occurs between both people and nations. A nation can get an absolute advantage from an advanced level of technology or higher quality resources. For a person, an absolute advantage can result from natural abilities or the acquisition of human capital (education, training, or experience).
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TOTAL REVENUE, PERFECT COMPETITION The revenue received by a perfectly competitive firm for the sale of its output. Total revenue is one two bits of information a perfectly competitive firm needs to calculate economic profit, the other is total cost. In general, total revenue is the price times quantity--the price received for selling a good times the quantity of the good sold at that price. For a perfectly competitive firm, which receives a single unchanging price for all output sold, the calculation is relatively easy. Two other revenue measures directly related to total revenue are average revenue and marginal revenue. Total revenue is often depicted as a total revenue curve.
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BLACK DISMALAPOD
[What's This?]
Today, you are likely to spend a great deal of time touring the new suburban shopping complex trying to buy either a velvet painting of Elvis Presley or a wall poster commemorating yesterday. Be on the lookout for poorly written technical manuals.
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One of the largest markets for gold in the United States is the manufacturing of class rings.
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"It's usually the last ounce of effort that tips the scales of success." -- Rick Beneteau
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IBB
International Bank Bonds
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