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MARGINAL FACTOR COST: The change in total factor cost resulting from a change in the quantity of factor input, found by dividing the change in total factor cost by the change in quantity of factor input. Marginal factor cost, abbreviated MFC, indicates how a firm's total factor cost is affected by hiring one more or one fewer worker. Two related concepts are total factor cost and average factor cost.
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LAW A generally accepted, verified, proven, fundamental scientific relation. A law is a scientifically certified, thoroughly verified, cause-and-effect relation about the workings of the world. It has been tested and retested through the scientific method. The law of demand, law of increasing opportunity cost, and law of diminishing marginal utility are three fundamental (and extremely important) economic laws of nature.
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On a typical day, the United States Mint produces over $1 million worth of dimes.
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"In the business world, everyone is paid in two coins: cash and experience. Take the experience first; the cash will come later. " -- Harold S. Green, MCI founder
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ERISA
Employee Retirement Income Security Act of 1974
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