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LEVERAGE: The use of credit or loans to enhance speculation in the financial markets. Suppose, for example, that you take the $1,000 in your bank account to your stock broker and purchase $1,000 worth of stocks, bonds, or whatever. A leveraged purchase would let you use your $1,000 to buy, let's say, $10,000 worth of stocks or bonds. The remaining $9,000 of the purchase price comes from a loan.
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AVERAGE VARIABLE COST Total variable cost per unit of output, found by dividing total variable cost by the quantity of output. When compared with price (per unit revenue), average variable cost (AVC) indicates whether or not a profit-maximizing firm should shut down production in the short run. Average variable cost is one of three average cost concepts important to short-run production analysis. The other two are average total cost and average fixed cost. A related concept is marginal cost.
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BROWN PRAGMATOX
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Today, you are likely to spend a great deal of time at a crowded estate auction seeking to buy either a large green chalkboard shaped like the state of Maine or a replacement battery for your pocket calculator. Be on the lookout for cardboard boxes.
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In the late 1800s and early 1900s, almost 2 million children were employed as factory workers.
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"In a time of drastic change, it is the learners who inherit the future. " -- Eric Hoffer, philosopher
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IRPP
Institute for Research on Public Policy
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