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KEYNESIAN THEORY: A theory of macroeconomics developed by John Maynard Keynes built on the proposition that aggregate demand is the primary source of business cycle instability, especially recessions. The basic structure of the Keynesian theory of economics was initially presented in Keynes' book The General Theory of Employment, Interest, and Money (1936).
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AVERAGE FIXED COST CURVE A curve that graphically represents the relation between average fixed cost incurred by a firm in the short-run product of a good or service and the quantity produced. This curve is constructed to capture the relation between average fixed cost and the level of output, holding other variables, like technology and resource prices, constant. The average fixed cost curve is one of three average curves. The other two are average total cost curve and average variable cost curve. A related curve is the marginal cost curve.
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PINK FADFLY
[What's This?]
Today, you are likely to spend a great deal of time looking for the new strip mall out on the highway seeking to buy either a flower arrangement for that special day for your mother or a New York Yankees baseball cap. Be on the lookout for high interest rates.
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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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"Courage is the ladder on which all the other virtues mount." -- Claire Boothe Luce, diplomat, writer
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WACM
Weak Axiom of Cost Minimization
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