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TOTAL FACTOR COST: The opportunity cost incurred when using a given factor of production to produce a good or service. Total factor cost should be compared with the related term, total cost. Total factor cost is the cost of using a specific factor, total cost is the cost of all factors of production. Total factor cost is predominately used in the analysis of the factor market.
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LAW OF DEMAND The inverse relationship between demand price and the quantity demanded, assuming ceteris paribus factors are held constant. This fundamental economic principle indicates that a decrease the price of a commodity results in an increase in the quantity of the commodity that buyers are willing and able to purchase in a given period of time, if other factors are held constant. The law of demand is one of the most important principles found in the study of economics.
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ORANGE REBELOON
[What's This?]
Today, you are likely to spend a great deal of time strolling around a discount warehouse buying club seeking to buy either an AC adapter that works with your MPG player or rechargeable batteries. Be on the lookout for poorly written technical manuals.
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This isn't me! What am I?
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Parker Brothers, the folks who produce the Monopoly board game, prints more Monopoly money each year than real currency printed by the U.S. government.
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"Anyone who has never made a mistake has never tried anything new. " -- Albert Einstein, physicist
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UR
Unemployment Rate
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