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WIDGET: A fictitious good commonly used by economic instructors to demonstrate economic principles or undertake hypothetical analyses. For example, the analysis of short-run production for a firm might be demonstrated through the production of widgets. Alternatively, the law of demand might be illustrated with a table or curve comparing the price of widgets with the quantity demanded of widgets. If such a good exists, and there is no clear evidence that widgets have every existed, it is a small mechanical device, constructed of interlocking cogs, several knobs, and at least one handle. Widgets are most often used when thingamajigs and dohickies are unavailable.
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AVERAGE FACTOR COST, MONOPSONY Total factor cost per unit of factor input employed by a monopsony in the production of output, found by dividing total factor cost by the quantity of factor input. Average factor cost, abbreviated AFC, is generally equal to the factor price. However, using the longer term average factor cost makes it easier to see the connection to related terms, including total factor cost and marginal factor cost.
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RED AGGRESSERINE
[What's This?]
Today, you are likely to spend a great deal of time at an auction hoping to buy either a New York Yankees baseball cap or a solid oak entertainment center. Be on the lookout for attractive cable television service repair people.
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More money is spent on gardening than on any other hobby.
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"You can't build a reputation on what you are going to do." -- Henry Ford, automaker
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G7
Group of Seven
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