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LONG-RUN MARGINAL COST: The change in the long-run total cost of producing a good or service resulting from a change in the quantity of output produced. Like all marginals, long-run marginal cost is the increment in the corresponding total. What's most notable about long-run marginal cost, however, is that we are operating in the long run. Unlike the short run, in which at least one input is fixed, there are no fixed inputs in the long run. As such, there is only variable cost. This means that long-run marginal cost is the result of changes in the cost of all inputs.
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COMPENSATION OF EMPLOYEES The official item in the National Income and Product Accounts maintained by the Bureau of Economics Analysis measuring wages earned by the household sector for supplying labor services. This is one of five official factor payments making up national income. The other four are net interest, rental income of persons, corporate profits, and proprietors' income. Compensation of employees is far and away the largest of the five factor payments, typically running about 70 percent of national income.
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Gambling On A State LOTTERYYou might recall during our discussion of gambling in the entry appropriately titled gambling, that I purchased $5 worth of Super Luck-O Multi-State Lottery tickets at the Master's Sprocket convenience store. Well, the day of the big drawing came and went. I was about as close to winning as the planet Pluto is to buying a Hot Mamma Fudge Bananarama Ice Cream Sundae on a cold winter morning. At least the five dollars I paid for lottery tickets goes to a good cause. The state uses a share of the proceeds for education, and that keeps my taxes lower. If you'll excuse me for a moment, I've got another ten bucks in my pocket screaming for the chance to by some more Super Luck-O Multi-State Lottery tickets. While I'm doing that, why don't you see if this is a wise consumption move on my part.
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YELLOW CHIPPEROON
[What's This?]
Today, you are likely to spend a great deal of time browsing about a thrift store trying to buy either several orange mixing bowls or clothing for your pet dog. Be on the lookout for celebrities who speak directly to you through your television.
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This isn't me! What am I?
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Before 1933, the U.S. dime was legal as payment only in transactions of $10 or less.
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"He, who every morning plans the transactions of the day, and follows that plan, carries a thread that will guide him through a labyrinth of the most busy life." -- Victor Hugo, Writer
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M&O
Management and Organization
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