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UNVERIFIABLE AXIOM: A basic precondition or assumption underlying a theory that can not be tested against real world data, but must accepted without verification. Unverifiable axioms are commonly derived from personal beliefs, political views, and cultural values.
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TOTAL FACTOR COST, MONOPSONY The opportunity cost incurred by a monopsony 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. For monopsony, the price paid increases with the quantity purchased and total factor cost increases at an increasing rate. 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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ORANGE REBELOON
[What's This?]
Today, you are likely to spend a great deal of time going from convenience store to convenience store hoping to buy either storage boxes for your computer software CDs or a set of tires. Be on the lookout for rusty deck screws.
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Okun's Law posits that the unemployment rate increases by 1% for every 2% gap between real GDP and full-employment real GDP.
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"Plans are only good intentions unless they immediately degenerate into hard work." -- Peter Drucker, management consultant
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PPF
Production Possibilities Frontier
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