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SPATIAL DIFFERENTIATION: The notion that economic activity is not evenly dispersed across the land. That is, goods, services, resources, production, and consumption are more concentrated at some locations and less concentrated at other locations due to natural endowments and human activity. The result is that no two location points have exactly the same access to inputs or outputs. This is a fundamental principle underlying the study of urban and regional economics and implies that firms and households must include transportation cost and location in production and consumption decisions.
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MARGINAL FACTOR COST CURVE, PERFECT COMPETITION A curve that graphically represents the relation between marginal factor cost incurred by a perfectly competitive firm for hiring an input and the quantity of input employed. A profit-maximizing perfectly competitive firm hires the quantity of input found at the intersection of the marginal factor cost curve and marginal revenue product curve. The marginal factor cost curve for a perfectly competitive firm with no market control is horizontal.
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ORANGE REBELOON
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Today, you are likely to spend a great deal of time surfing the Internet seeking to buy either a coffee cup commemorating next Thursday or a replacement remote control for your stereo system. Be on the lookout for gnomes hiding in cypress trees.
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The portrait on the quarter is a more accurate likeness of George Washington than that on the dollar bill.
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"The truth is not for all men, but only for those who seek it. " -- Ayn Rand, writer
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ASX
Australian Stock Exchange
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