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GROSS DOMESTIC PRODUCT, INS AND OUTS: Gross domestic product is the total market value of all goods and services produced within the political boundaries of an economy during a given period of time, usually one year. Obtaining this value is not a simple task. It requires combining a lot of information from a number of different sources. For the U.S. economy, this includes trillions of dollars worth of production, hundreds of million of consumers, hundreds of thousands of businesses, and a bunch of market transactions each year.
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PERFECT COMPETITION, LONG-RUN EQUILIBRIUM CONDITIONS The long-run equilibrium of a perfectly competitive industry generates six specific equilibrium conditions, including: (1) economic efficiency (P = MC), (2) profit maximization (MR = MC), (3) perfect competition (MR = AR = P), (4) breakeven output (P = AR = ATC), (5) minimum production cost (MC = ATC), and (6) minimum efficient scale (MC = ATC = LRAC = LRMC).
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YELLOW CHIPPEROON
[What's This?]
Today, you are likely to spend a great deal of time lost in your local discount super center hoping to buy either hand lotion, a big bottle of hand lotion or a lighted magnifying glass. Be on the lookout for door-to-door salesmen.
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This isn't me! What am I?
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The 1909 Lincoln penny was the first U.S. coin with the likeness of a U.S. President.
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"The best way to cheer yourself up is to try to cheer somebody else up." -- Mark Twain
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AID
Agency for International Development
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