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CLOSED ECONOMY: An economy with little or no foreign trade. A country with a closed economy can usually tend to it's problems without worrying about other countries. During the 1950s and 1960s, the good old U. S. of A. had relatively little foreign trade, and was very nearly a closed economy. But that was a unique period in the United States unmatched before or since. In fact, it's very difficult to find a real-life closed economy anywhere in the world today. Because of this, you should take a close look at the entry open economy.
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MARGINAL FACTOR COST The change in total factor cost resulting from a change in the quantity of factor input employed by a firm. Marginal factor cost, abbreviated MFC, indicates how total factor cost changes with the employment of one more input. It is found by dividing the change in total factor cost by the change in the quantity of input used. Marginal factor cost is compared with marginal revenue product to identify the profit-maximizing quantity of input to hire.
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Taking A Ride On TRANSPORTATION INFRASTRUCTUREOur pedestrian excursion gives us a ground-level view of the economy, but it's certainly slow and time-consuming. If you're like me, you've probably thought once or twice about jumping into an Omni Motors XL GT 9000 sports coupe to speed us along the way. Or perhaps an Omni Airlines 30-day tourist excursion would make our trip faster and less exhausting. That's one nice thing about modern transportation, it's pretty quick and not too expensive. It also helps us get a whole lot closer to solving the unsolvable problem of scarcity. However, for a really good pedestrian view of transportation and how it helps us along, we'd better remain on foot.
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GREEN LOGIGUIN
[What's This?]
Today, you are likely to spend a great deal of time wandering around the shopping mall trying to buy either a birthday greeting card for your aunt or a wall poster commemorating the moon landing. Be on the lookout for strangers with large satchels of used undergarments.
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This isn't me! What am I?
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The first "Black Friday" on record, a friday marked by a major financial catastrophe, occurred on September 24, 1869 -- A FRIDAY -- when an attempted cornering of the gold market induced a financial crises and economy-wide depression.
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"God gives talent; work transforms talent into genius. " -- Anna Pavlova, ballerina
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DVP
Discounted Present Value
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