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AFC: The abbreviation for average fixed cost, which is fixed cost per unit of output, found by dividing total fixed cost by the quantity of output. Average fixed cost is one of three related cost averages. The other two are average variable cost and avarage total cost. Average fixed cost decreases with larger quantities of output. Because fixed cost is FIXED and does not change with the quantity of output, a given cost is spread more thinly per unit as quantity increases. A thousand dollars of fixed cost averages out to $10 per unit if only 100 units are produced. But if 10,000 units are produced, then the average shrinks to a mere 10 cents per unit.
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SLOPE, SHORT-RUN AGGREGATE SUPPLY CURVE The positive slope of the short-run aggregate supply curve, reflecting the direct relation between the price level and real production, results for three primary reasons--inflexible resources, frictional and structural unemployment, and purchasing power imbalances.
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WHITE GULLIBON
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Today, you are likely to spend a great deal of time searching the newspaper want ads wanting to buy either several magazines on time travel or 500 feet of telephone cable. Be on the lookout for neighborhood pets, especially belligerent parrots.
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Junk bonds are so called because they have a better than 50% chance of default, carrying a Standard & Poor's rating of CC or lower.
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"In every man's life there lies latent energy. There is, however, a spark that, if kindled, will set the whole being afire, and he will become a human dynamo, capable of accomplishing almost anything to which he aspires. " -- James Cash Penney, retailer
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TFP
otal Factor Productivity
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