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BUREAUCRACY: A system or rules and procedures designed to operate a complex organization. While most people look to government when the term bureaucracy arises (and make no mistake, government is not shy when it comes to complex bureaucracies), bureaucracies exist in all types of organizations -- private, public, government, business, charities, corporations, even households. The problem economists have with bureaucracies is that rigid, administrative rules often drive a wedge between action and responsibility. The clerk at the welfare counter is only following rules established by Congress. The clerk has no authority to change the rules, and Congress seldom if ever sees the consequences of their rules.
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TOTAL FACTOR COST The opportunity cost incurred when using a given factor of production to produce a good or service. This is the total cost associated with the use of a particular resource or factor of production--it is the total cost of the factor. Total factor cost is predominately used in the analysis of the factor market. Two derivative factor cost measures are average factor cost and marginal factor cost.
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BLACK DISMALAPOD
[What's This?]
Today, you are likely to spend a great deal of time at a garage sale trying to buy either a coffee cup commemorating last Friday (you know why) or a wall poster commemorating the first day of spring. Be on the lookout for bottles of barbeque sauce that act TOO innocent.
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This isn't me! What am I?
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A lump of pure gold the size of a matchbox can be flattened into a sheet the size of a tennis court!
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"Difficulty is the excuse history never accepts. " -- Edward R. Murrow, News broadcaster
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ISDA
International Swaps and Derivatives Association
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